Jeff Sutton sells Midwood retail for $10.6M

Continuing a string of recent activity, Jeff Sutton sold a Midwood retail property for $10.6 million four years after buying it for $5.3 million, renovating it and leasing it to a bank. The anonymous buyer through the entity 1121 Avenue J Owner LLC paid $10.6 million to Jeff Sutton and his Wharton Properties through the entity 1121-1123 Avenue J LLC for a mixed-use building (K4) at 1123 Avenue J in Midwood, Brooklyn.
The deal closed on April 6, 2021 and was recorded on May 7, 2021.
The property has 4,746 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $2,242 per the PincusCo analysis.
Sutton bought the property in October 2017, for $5.3 million when it was two tax lots, then filed and completed plans to combine the lots into one building. The space is occupied by a Bank of America. Sutton recently sold a majority stake in a Williamsburg property valued at $31.3 million after rehabilitating the space and leasing it to Bank of America.

Sutton’s other activity includes filing plans for a large hotel in the Garment District near the Empire State Building and selling a stake in a Soho retail condo.

The signatory for Wharton Properties was Chaim M Klein. The signatory for 1121 Avenue J Owner LLC was Peter J Mannarino.
(320910485)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 28, 2020.

Direct link to Acris document. link