Wharton Properties in contract to sell 2925 Kings Hwy, owned since 1998

Jeff Sutton’s Wharton Properties is in contract to sell the retail and adjacent parking lot at 2925 Kings Highway in Midwood, Brooklyn, for an undisclosed price. The property is occupied by a CVS and has an alternate address of 2917 Nostrand Avenue.

The buyer, using the entity 2917 Nostrand, LLC, signed a contract with Sutton on May 28, 2021, according to public records.

Sutton declined to comment.

Sutton bought the parcel in 1998 for $4.625 million from the supermarket chain Waldbaum’s, and executed a $3.525 million purchase money mortgage with the seller. That loan was assigned to various lenders over 20 years, then the loan was satisfied in 2019. There is currently no recorded debt on the parcels.

The buyer entity is located at the address of auto dealer John Rosatti, who owns a number of properties in New York City.

Sutton in May sold a retail building in Bath Beach to Lloyd Goldman’s BLDG Management for $17.2 million.

Rosatti filed a rezoning application with the Department of City Planning in 2020, seeking to build a ten-story, 46,260-square-feet, 315-unit, mixed-use building at 1880 Coney Island Avenue in Midwood. The building will have commercial and residential space, a percentage of which be permanently affordable. The parcel is currently occupied by a 10,500-square-foot commercial and office building.