Jeff Sutton sells CVS location in Dyker Heights for $7.6M, held for 21 years

Jeff Sutton sold a CVS location he has owned for 21 years in Dyker Heights for $7.6 million earlier this month. Sutton sold the property to Andrew Cohen, who in 2016 sold Sutton one of the first multifamily rental buildings Sutton purchased.

Andrew Cohen through the entity Jefferson Investors, LLC paid Jeff Sutton’s 6702 Fort Hamilton LLC $7.6 million for 6702 Fort Hamilton Parkway in Dyker Heights, Brooklyn. The deal closed on November 3, 2020 and was recorded on November 20, 2020. The transaction consists of 1 parcel, including the tax class retail condominium (RK). The property is 11,981 square feet.
The average sale price per square foot is $634.

Sutton, president of Wharton Properties, bought the entire building at 6702 Fort Hamilton Parkway in September 1999 for an undisclosed price, five months after having signed a lease with drug store chain CVS in April 1999 for the bulk of the ground floor of the single-story and celler building. Sutton converted the property into four condo units, and kept just one, which has 9,356 square feet on the ground floor and 2,625 square feet in the celler, for a total of 11,981 square feet.

The contract date for the sale to Cohen was November 3, 2020, the same as the closing date.
Sutton’s ownership entity was incorrectly recorded on the transfer cover sheet. The correct name is 6702 FORT HAMILTON LLC, but it was recorded as 6702 HAMILTON LLC. The deed has the correct name.
The buyer, Andrew Cohen, sold two apartment buildings with 12 units to Jeff Sutton in April 2016, for $6.05 million.  It was one of Sutton’s first multifamily purchases.
Over the past five years, there have been 9 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 9 renovation/alteration projects (A2) applied for with a total estimated value of $212,830.

Direct link to Acris document. link
The signatory for the buyer was Andrew R. Cohen

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