Joseph Sutton pays $13.5M to Laub Realty for 21-unit walkup in Greenwich Village

UPDATED: Wharton Residential Properties, representing the investments led by Jeff Sutton’s son Joseph Sutton, through the entity 14 Bedford Owner LLC, paid $13.5 million to Laub Realty through the entity Bedford 14 LLC for the 21-unit residential walkup building (C7) at 14-16 Bedford Street in Greenwich Village, Manhattan.
The deal closed on August 29, 2023 and was recorded on September 1, 2023. The property has 12,860 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,049 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 seller bought the property on November 29, 2005, for $6.5 million. The signatory for Laub Realty was Michael E. Laub. The signatory for Wharton Residential Properties was Joseph Sutton. The contract date was May 1, 2023.
Jeff Sutton, president of Wharton Properties, has a portfolio of more than 100 retail properties and the family began investing in residential properties in as early as 2016.
The property 14-16 Bedford Street is nearly than 120 years old, completed in approximately 1905, according to a history of the building.
Rosewood Realty Group’s Aaron Jungreis, Ben Khakshoor and Alex Fuchs represented the buyers and sellers.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Wharton Residential Properties had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Laub Realty had not purchased any other properties and sold three properties in one transaction for a total of $25 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Michael Laub, head officer and Nicky Sultana, site manager. The business entities are Bedford 14 LLC and Bedford 14 LLC.

The property

The residential walkup building with 21 residential units in Greenwich Village has 12,860 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 38 feet and is 99 feet deep with a total lot size of 3,060 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District Extension II. The city-designated market value for the property in 2022 is $3.1 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 eight housing violations and $300 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 block

On this tax block, PincusCo has identified the owners of eight of the 24 commercial properties representing 182,528 square feet of the 315,100 square feet. The largest owner is Stonehenge NYC, followed by Maria Piazza and then Kissling Interests.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 315,100 square feet of built space are walkup buildings, with elevator buildings next occupying 38 percent of the space.

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