Jeff Sutton borrows $20.1M from KB Financial for commercial in Williamsburg

Jeff Sutton of Wharton Properties through the entity 166 Berry Owner LLC as borrower signed a loan agreement with South Korean lender KB Financial Group through the entity Kookmin Bank New York Branch valued at $20.1 million for 1 parcel, including the tax class light manufacturing building (F5) at 103 North 4th Street in Williamsburg. The deal closed on March 4, 2021 and was recorded on March 12, 2021.
The property contains a total of 6,200 square feet of built space.
The average loan per square foot is $3,248.
This is the first debt Sutton has taken on the property. When he bought it in 2019, he did not take out a loan. The last time the property sold was November 4, 2019 for $20,000,000.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $790,000.0. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $54,500.

Direct link to Acris document. link