Jeff Sutton just doubled down on his personal fondness of Brooklyn’s Gravesend.
The Wharton Properties founder purchased the home at 2085 East 3rd Street for $7 million, Crain’s reported. The deal was signed last week and appeared in public records on Wednesday morning.
The deal for the three-story, 1,300-square-foot property breaks down to $5,385 per square foot. Features of the home include a gabled roof, narrow driveway and wraparound brick terrace.
The 1920s-built home will be used as a residence for Sutton’s family members, rather than a primary residence for the developer himself, he told the publication. He won’t be far, however, as he has owned the home directly across the street at 2088 East 3rd Street since 2022, when he bought it from the Cheras for $14 million.
As for the latest deal, the seller appears to be Sara Eliau, who gained the power of attorney linked to the house in 2013. It had sold three years ago for $1.5 million.
The home appears to have been marketed privately, if at all. There aren’t many homes in Brooklyn asking for more than $7 million, according to StreetEasy, as only a dozen single-family homes are listed for more than that.
The market value of the home according to New York City is $2.5 million, unusually low when compared to the typical value of a home that sells.
Other real estate dynasties to call Gravesend home include the Sitts, the Azraks and the Cayres. It’s a relatively insular community, tied together by a limited number of homes within walking distance of synagogues, an important feature in the Syrian Jewish community.
Last year, Joseph A. Sutton — not the Joseph Sutton that works at Wharton — spent $9.5 million on a single-family home at 935 East Ninth Street. Marvin and Barbara Azrak, who purchased it in 2015 for $2.1 million, were the sellers in the off-market deal.
Jeff Sutton was recently hit by TD Bank with a pre-foreclosure suit over a mortgage default at Midtown retail condo. Other defendants include Eli and Jeffrey Gindi and brand investor Steven Russo.
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