Jeff Sutton, Peter Botsaris sell Jamaica retail for $2.4M

UPDATED 10:40 a.m., October 31, 2025: A general merchandise retailer through the entity Bh 166 LLC paid $2.5 million to Wharton Properties and the Botsaris Morris Realty Group through the entity Jamaica & Merrick LLC for the retail building (K4) at 166-19 Jamaica Avenue in Jamaica, Queens. The expected use is owner-occupied.
The deal closed on October 17, 2025 and was recorded on October 24, 2025. The property has 2,000 square feet of built space and 10,040 square feet of additional air rights for a total buildable of 12,040 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,250 and the price per buildable square foot is $207 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The sellers bought the property on May 31, 2006, for $1.6 million. The signatory for Wharton Properties and Botsaris Morris Realty Group was Peter Botsaris . The contract date was June 10, 2025.

Earlier this year, in June 2025, an affiliate of Wharton Properties, the entity J&M Lender I LLC, bought a note with an original principal of $3.75 million from Blackstone Group and Rialto Management Group secured by this building.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Wharton Properties purchased six properties in four transactions for a total of $72.2 million and sold 18 properties in 13 transactions for a total of $2.1 billion over the same time period. The 2,000-square-foot property generated revenue of $206,640 or $103 per square foot, according to the most recent income and expense figures.

The property

The retail building in Jamaica has 2,000 square feet of built space and 10,040 square feet of additional air rights for a total buildable of 12,040 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,000 square feet. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $1.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $680 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Jamaica, The bulk, or 34 percent of the 29.2 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 14 percent of the space. In sales, Jamaica has near average sales volume among other neighborhoods with $256.4 million in sales volume in the last two years and is the 10th highest in Queens. For development, Jamaica has 1.5 times the average amount of major developments relative to other neighborhoods and is the 4th highest in Queens. It had 2.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 8 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the 17 commercial properties representing 714,849 square feet of the 857,880 square feet. The largest owner is St. Nicks Alliance, followed by Wharton Properties and then Simranjeet Singh.
On the tax block, there were two new building construction projects totaling 505,485 square feet. The largest is a 614-unit, 492,987 square-foot residential (R-2) building submitted by BRP Companies and filed by Mary Serafy with plans filed August 17, 2020 and permitted April 26, 2022. The second largest is a 17-unit, 12,498 square-foot residential (R-2) building submitted by Simranjeet Singh with plans filed August 9, 2021 and permitted November 22, 2024.

The majority, or 83 percent of the 857,880 square feet of built space are elevator buildings, with retail buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Wharton Properties owned at least 86 commercial properties with 204 residential units in New York City with 3,269,906 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) The portfolio has $369.5 million in debt, with top three lenders as Rialto Management Group, Valley National Bank, and Bank of China respectively. Within the portfolio, the bulk, or 68 percent of the 3,269,906 square feet of built space are office properties, with retail properties next occupying 19 percent of the space. The bulk, or 86 percent of the built space, is in Manhattan, with Brooklyn next at 10 percent of the space.

The buyer

The PincusCo database currently indicates that the buyer owned at least three commercial properties with one residential unit in New York City with 7,680 square feet and a city-determined market value of $1.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 56 percent of the 7,680 square feet of built space are retail properties, with mixed-use properties next occupying 44 percent of the space. They are all located in Queens.

UPDATED with the name of a individual person removed.

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