Jeff Sutton pays $3.2M for retail in Gravesend owned by bank for 69 years

Jeff Sutton through the entity 481 Kings Highway LLC paid HSBC Bank $3.2 million for 481 Kings Highway in Gravesend, Brooklyn. The deal closed on October 20, 2020, and was recorded on November 9, 2020. The transaction consists of 1 parcel, including the tax class one-story store building (K1). The property is 6,814 square feet. The parcel(s) have total development potential of 6,814 square feet.
The average sale price per square foot is $472.

The bank and its predecessors have owned the property for 69 years. The contract date was September 21, 2020. Jeff Sutton is president of Wharton Properties. HSBC has owned the property since its predecessor-in-interest the Brooklyn Savings Bank acquired it from Alice Schneckenburger on December 26, 1951.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Jeff Sutton