Wharton Properties pays Santander Bank $2.8M for retail in Staten Island
800 Forest Avenue (Credit - Google)
Jeff Sutton and Wharton Properties through the entity 800 Forest Avenue LLC paid Santander Bank $2.8 million for the corner retail with a parking lot (K7) at 800 Forest Avenue in West Brighton, Staten Island.
Jeff Sutton owns more than 100 properties worth several billion dollars, with a focus on retail.
The deal closed on August 9, 2022 and was recorded on August 18, 2022. The property has 3,600 square feet of built space and 5,507 square feet of additional air rights for a total buildable of 9,178 square feet according to PincusCo analysis of city data. The sale price per built square foot is $784 and the price per buildable square foot is $307 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.)
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Jeff Sutton purchased one properties in one transaction for a total of $14 million and sold one property in one transaction for a total of $59 million over the past 24 months.
The seller Santander Bank had not purchased any other properties and had not sold any properties over the same time period. The 3,600-square-foot property generated revenue of $155,808 or $43 per square foot, according to the most recent income and expense figures.
The property
The 800 Forest Avenue parcel has frontage of 138 feet and is 125 feet deep with a total lot size of 18,357 square feet. The lot is irregular. The zoning is R3-1 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $778,000.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.
The block
There are no active new building construction projects on this tax block.
The majority, or 44 percent of the 60,191 square feet of built space are retail buildings, with office buildings next occupying 32 percent of the space.
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