Sutton Management signs $32M refi with Argentic for two properties in Downtown Brooklyn

Sutton Management through the entity Fulton Street Owner, LLC as borrower signed a refi loan with lender Argentic through the entity Argentic Real Estate Finance LLC valued at $32 million for two properties including the mixed-use building (K4) at 386 Fulton Street in Downtown Brooklyn, Brooklyn and retail building (K1) at 390 Fulton Street in Downtown Brooklyn, Brooklyn.
The deal closed on September 14, 2021 and was recorded on October 1, 2021.
The two properties have 37,412 square feet of built space and 76,607 square feet of additional air rights for a total buildable of 114,040 square feet according to PincusCo analysis of city data. The loan price per built square foot is $855 and the price per buildable square foot is $280 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 signatory for Sutton Management was Abraham Sutton.

Within a 400-foot radius of 386 Fulton Street, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months.
Of those 12 items, two were for major renovation including a certificate of occupancy change. They were one permit with a total initial cost of $300,000 and one initial temporary certificate of occupancy issuance for a project that initially costed $78.5 million. The most recent of these two items was the permit on June 21, 2021 for a 38,198-square-foot retail building with no residential units at 408 Fulton Street.
Of those 12 items, five were sales above $5 million totaling $56.8 million. The most recent of the five was Feil Organization which bought the 11,208-square-foot, one-unit retail building (K1) on 360 Fulton Street for $12.5 million from Weinstein Enterprises on June 2, 2021.
Of those 12 items, five were loans above $5 million totaling $180.3 million. The most recent of the five was Treeline Companies which borrowed $36 million from Wells Fargo secured by two condo units with 24,994 square feet at 177 Livingston Street on June 9, 2021.

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