Jeff Sutton sells 80% stake in 130 Greene retail for $8M, unit sold for $16.55M in 2015

Jeff Sutton sold an 80 percent stake in the retail condominium unit at 130 Greene Street in Soho for $8 million. Sutton paid $16.55 million for the unit in 2015, according to city property records. The entity that bought it was in care of the law firm Wachtell Missry, and the firm’s partner Morris Missry signed as a member of the buyer.

This sale occurred on March 12, 2021, just over a week after lender TD Bank sold a note originated in 2015 with an original principal of $12 million to an entity at the address of Kassin Sabbagh Realty. Kassin Sabbagh is an active retail-focused brokerage firm, and its principals also invest in New York City real estate.

The buyer entity of 130 Greene unit was A130 Greene Street Partners LLC, which paid $8 million to Jeff Sutton’s 130 Greene Retail LLC for the stake in the commercial condo unit 1001 (CC) at 130 Greene Street in Soho, Manhattan.

The sale closed on March 12, 2021 and was recorded on April 28, 2021. The contract date was March 12, 2021, the same as the closing date.

The property has 3,048 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,624, according to the PincusCo analysis.

Sutton, president of Wharton Properties bought the property on February 5, 2015, for $16.55 million. Sutton did not immediately respond to a request for comment.

Despite the pandemic and fall in retail values, Sutton was able to sell a 95 percent stake in a Williamsburg asset, at 166 Berry Street, for $31.3 million, an $11.3 million increase from the 2019 price he paid for it, $20 million. The value rose after he secured Bank of America as a long-term tenant. 

Correction: An earlier version of the post did not note that this was a sale of an 80 percent stake in the property, according to city property records.