Jeff Sutton Sells $31M Stake in Williamsburg Real Estate
The middle section of the New York real estate investment market was active last week. Jeff Sutton, trading in Williamsburg, bought a condo in a fashionable Gramercy residence and acquired it from the Fort Greene design development firm Tankhouse.
Six midsize investment sales totaled $ 146.9 million, up from $ 81.2 million the previous week.
Other transactions registered last week involved a storage REIT in Queens and two mixed-use stores on the Upper East Side. Here are more details for the week ending March 12th.
1. Storage REIT Life Storage purchased a 70,000 square foot building with self storage units at 134-31 Merrick Boulevard in Jamaica for $ 36.4 million. The seller was SNL Storage.
2. Jeff Suttons Wharton Properties sold an interest in a 6,200 square foot commercial property at 103 North Fourth Street in Williamsburg for $ 31.3 million. The buyers were Korean real estate investors who have partnered with Sutton on the property, said a person familiar with the transaction. Wharton Properties affiliated limited company 166 Berry Owner received a $ 20.1 million loan from South Korea-based Kookmin Bank. Sutton bought the property in 2019 for $ 20 million.
In response to the pandemic, some Korean real estate investors recently set up U.S. operations to facilitate due diligence, business procurement and real estate management, the Korea Herald reported last month.
3. Mountbatten Equities sold 10 units in its Gramercy Park residential development at Rutherford Place at 305 Second Avenue for $ 18.6 million. The buyer was a limited liability company, 305 Second Avenue Mezz Lender. Alexander Zabik of the private equity firm Pennybacker Capital signed the deed for the buyer.
4. The Lycée Français de New York purchased a 17,700 square foot mixed-use building at 1414 York Avenue on the Upper East Side for $ 18.1 million. The building has 16 residential units on seven floors. The seller was Liberty Enterprises through 1414 York Realty limited liability company.
5. James Gaston sold 30,000 square feet of mixed-use property on 1301-1309 Third Avenue for $ 32.5 million, according to one person familiar with the business. The buyer was the EJS Group. The brokers were Bob Knakal and Guthrie Garvin from JLL.
The location has a development potential of 75,000 square meters, which increases to 90,000 with an additional living bonus.
6. Tankhouse purchased 39,500 square feet of buildable land at 134 Vanderbilt Avenue in Fort Greene for $ 10 million. Sebastian Mendez signed for the buyer. The seller was Cumberland Farms.
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