Jack Israel pays $6.8M to Wharton Properties for mixed-use in Gravesend

Jack Israel through the entity 481 Kings Property LLC paid $6.8 million to Wharton Properties through the entity 481 Kings Highway LLC for the mixed-use building (K1) at 481 Kings Highway in Gravesend, Brooklyn. The expected use is cash flowing.
The deal closed on March 11, 2026 and was recorded on March 17, 2026. The property has 6,814 square feet of built space and 19,802 square feet of additional air rights for a total buildable of 26,640 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $997 and the price per buildable square foot is $255 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
Jeff Sutton bought the property on October 20, 2020, for $3.2 million. The signatory for Wharton Properties was Jeff Sutton . The signatory for Jack Israel was Jack Israel. The contract date was November 25, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Jack Israel purchased one property in one transaction for a total of $2.8 million and has no record it sold any properties over the past 24 months.
The seller Wharton Properties purchased three properties in three transactions for a total of $46.8 million and sold nine properties in nine transactions for a total of $351.4 million over the same time period. The 6,814-square-foot property generated revenue of $322,302 or $47 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Gravesend has 6,814 square feet of built space and 19,802 square feet of additional air rights for a total buildable of 26,640 square feet according to a PincusCo analysis of city data. The parcel has frontage of 83 feet and is 106 feet deep with a total lot size of 8,880 square feet. The lot is irregular. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received one DOB violation, $3,125 in ECB penalties, and $3,305 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Gravesend, The bulk, or 40 percent of the 19.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 17 percent of the space. In sales, Gravesend has near average sales volume among other neighborhoods with $302.3 million in sales volume in the last two years and is the 26th highest in Brooklyn. For development, Gravesend has had very little major development activity relative to other neighborhoods.It had 557,161 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 23 commercial properties representing 42,300 square feet of the 142,743 square feet. The largest owner is Sbh Community Service Network, followed by Magen David Yeshivah and then Wharton Properties.
On the tax block, there were two new building construction projects totaling 36,564 square feet. The largest is a 25,847 square-foot 57 building submitted by Magen David Yeshivah and filed by Magen David with plans filed November 17, 2023 and permitted April 1, 2025. The second largest is a 10,717 square-foot business (B) building submitted by Simon Leviov with plans filed December 17, 2019 and it has not been permitted yet.

The majority, or 39 percent of the 142,743 square feet of built space are mixed-use buildings, with office buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that Wharton Properties owned at least 86 commercial properties with 205 residential units in New York City with 3,165,952 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) The portfolio has $545.5 million in debt, with top three lenders as Acore Capital, Rialto Management Group, and Valley National Bank respectively. Within the portfolio, the bulk, or 67 percent of the 3,165,952 square feet of built space are office properties, with retail properties next occupying 20 percent of the space. The bulk, or 85 percent of the built space, is in Manhattan, with Brooklyn next at 11 percent of the space.

The buyer

The PincusCo database currently indicates that Jack Israel owned at least two commercial properties with two residential units in New York City with 13,800 square feet and a city-determined market value of $3.1 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 74 percent of the 13,800 square feet of built space are retail properties, with mixed-use properties next occupying 26 percent of the space. They are all located in Brooklyn.

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