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Jeff Sutton unloads Midwood commercial building
Sale was 1 of 3 recorded in the $10M-$30M range last week
Jeff Sutton’s Wharton Properties has unloaded a Midwood commercial building, one of three mid-market investment sales in the city last week.
The deals totaled $39.6 million and included three-building multifamily portfolio, a commercial building and an office building. The total was far less than the previous week’s $127 million for eight transactions. Investment sales between $10 million and $30 million are included in the weekly mid-market roundup.
Manhattan and Brooklyn were the only boroughs with such sales recorded last week. Here are more details for the week ending May 7.
1. Jack Terzi closed on a $19 million purchase of the 30,000-square-foot New York County Law Association building at 14 Vesey Street in Tribeca. Terzi agreed to purchase the building in 2019; it was put up for sale by the NYCLA in 2017. CBRE’s Daniel Kaplan brokered the deal.
2. Jeff Sutton’s Wharton Properties sold a 4,700-square-foot commercial building at 1123 Avenue J in Midwood for $10.6 million. The buyer was a New York limited liability company.
The deal marks a gain on the $5.3 million Sutton paid for the property in 2017. It’s better luck than he had with the recent sale of an 80 percent stake in a retail condominium at 130 Greene Street. The stake traded for $8 million in April; the unit sold for $16.6 million in 2015.
3. B&B Global Development Corp. sold three multifamily buildings spanning 18,000 square feet at 678, 680 and 682 Prospect Place in Crown Heights for $10 million. Victor Baranes signed for the seller. The buyer was Vikas Ghai of Bakersfield, California.