Jeff Sutton pays $12M to HSBC Bank for retail property in Midwood

Jeff Sutton of Wharton Properties through the entity 1602 Kings Highway LLC paid HSBC Bank $11.8 million for 1602 Kings Highway in Midwood. The deal closed on January 31, 2020, and was recorded on February 6, 2020. The transaction consists of 1 parcel, including the tax class office building with commercial with one to six stories (O5). The property is 32,838 square feet. The parcel(s) have total development potential of 36,794 square feet.
The average sale price per square foot is $319. The property is also known as 1600 Kings Highway.

Republic National Bank, founded in 1966 by Edmond Safra, bought the building in 1992 for $1.95 million, a review of city records shows. HSBC acquired Republic in 1999.

Sutton knows the stretch of Kings Highway well. He owns a small building four blocks away at 1226 Kings Highway, and in 2012 sold the much larger 1100 Kings Highway to American Realty Capital Trust for $21.4 million. Sutton bought 1100 Kings Highway in 2003 for $13 million. Today, that building is owned by Meir Babaev and Richard Harris, who bought it in 2018 for $30.5 million. In more recent activity, in November, Sutton bought a potential retail building in Williamsburg for $20 million.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link