Jeff Sutton unloads Midwood commercial building

Sale was 1 of 3 recorded in the $10M-$30M range last week

New York /
May.May 11, 2021 07:00 AM
14 Vesey Street, 1123 Avenue J in Brooklyn, and Jeff Sutton of Wharton Properties (Americasroof/Wikipedia, Google Maps, Wharton)

14 Vesey Street, 1123 Avenue J in Brooklyn, and Jeff Sutton of Wharton Properties (Americasroof/Wikipedia, Google Maps, Wharton)

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.





    Related Articles

    arrow_forward_ios
    Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    Here’s what the $10M-$30M NYC investment sales market looked like last week
    From left: Michael Dell, Alex Rodriguez and Donald Trump along with the Trump Hotel in Washington, D.C. (Getty Images, The Trump Organization, iStock)
    Firm that manages Michael Dell’s wealth finances deal for Trump Hotel
    Firm that manages Michael Dell’s wealth finances deal for Trump Hotel
    1277 East 14th Street, 45-57 Davis Street and 575 Grand Street (StreetEasy, Google Maps, iStock)
    Mighty Midwood bookends top outer-borough loans
    Mighty Midwood bookends top outer-borough loans
    Brookfield's Brian Kingston (Brookfield, Brookfield Asset Management, Public domain, via Wikimedia Commons, Google Maps, iStock, Illustration by Kevin Cifuentes for The Real Deal)
    Brookfield’s $25M Queens warehouse deal tops another slow week for i-sales
    Brookfield’s $25M Queens warehouse deal tops another slow week for i-sales
    Midwood's John Usdan with Candela Tower (Midwood, Candela Tower)
    Midwood closes on $102M West Village property, plans renovations
    Midwood closes on $102M West Village property, plans renovations
    964 Park Place (Google Maps, iStock)
    Eviction redux: Crown Heights family faces second ouster
    Eviction redux: Crown Heights family faces second ouster
    80 South Street and Oceanwide Holding's Lu Zhiqiang (ATCHAIN, Getty)
    Oceanwide loses control of Manhattan supertall site
    Oceanwide loses control of Manhattan supertall site
    Vornado's Steve Roth and 40 Fulton Street (Vornado, Getty Images, iStock)
    Vornado puts FiDi office building on the market as it trims portfolio
    Vornado puts FiDi office building on the market as it trims portfolio
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...