Yoshida & Co. pays $33.5M to Jeff Sutton, partners for retail in Williamsburg

The Japanese company Yoshida & Co. through the entity Yoshida & Co. Ltd paid $33.5 million to Jeff Sutton’s Wharton Properties, Daol Asset Management and BNK Financial Group through the entity 166 Berry Owner LLC for the retail building (K7) at 103 North 4th Street in Williamsburg, Brooklyn. The expected use is cash flowing. Daol Asset Management and BNK Financial Group are large South Korean finance companies.

KTB Securities, now known as Daol Asset Management, purchased a majority stake in the property in 2021, valuing it at $31.3 million, after it was net leased to Bank of America, but Sutton retained a stake. Sutton originally purchased the property in 2019 for $20 million.
The deal closed on March 16, 2026 and was recorded on March 17, 2026. The property has 6,200 square feet of built space and 12,400 square feet of additional air rights for a total buildable of 18,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $5,403 and the price per buildable square foot is $1,801 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 Wharton Properties and KTB Securities was Jeff Sutton . The signatory for Yoshida & Co. was William Crable of Efficiency Capital Advisors. The contract date was January 30, 2026. The buyer has an address at Efficiency Capital Advisors, an investment advisory firm for Japanese companies and individuals.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Yoshida & Co. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Wharton Properties purchased three properties in three transactions for a total of $46.8 million and sold nine properties in nine transactions for a total of $351.4 million over the same time period. The 6,200-square-foot property generated revenue of $350,734 or $57 per square foot, according to the most recent income and expense figures.

The property

The retail building in Williamsburg has 6,200 square feet of built space and 12,400 square feet of additional air rights for a total buildable of 18,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 62 feet and is 100 feet deep with a total lot size of 6,200 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.7 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 $100 in OATH penalties in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on April 25, 2022. 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 Williamsburg, The bulk, or 39 percent of the 50.4 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 25 percent of the space. In sales, Williamsburg has the 6th highest sale turnover among other neighborhoods in the city with $2 billion in sales volume in the last two years. For development, Williamsburg is the 2nd most active neighborhood among other neighborhoods. It had 42 million square feet of commercial and multi-family construction under development in the last two years, which represents 83 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 10 commercial properties representing 185,018 square feet of the 216,978 square feet. The largest owner is Jongoon Kim, followed by Corigin and then All Year Management.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 216,978 square feet of built space are industrial buildings, with mixed-use buildings next occupying 11 percent of the space.

The seller

The PincusCo database currently indicates that Wharton Properties owned at least 86 commercial properties with 205 residential units in New York City with 3,165,952 square feet and a city-determined market value of $1.5 billion. (Market value is typically about 50% of actual value.) The portfolio has $545.5 million in debt, with top three lenders as Acore Capital, Rialto Management Group, and Valley National Bank respectively. Within the portfolio, the bulk, or 67 percent of the 3,165,952 square feet of built space are office properties, with retail properties next occupying 20 percent of the space. The bulk, or 85 percent of the built space, is in Manhattan, with Brooklyn next at 11 percent of the space.

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