Wharton Properties Sells Sheepshead Bay Retail Site for $12M

Jeff Sutton’s Wharton Properties sold an office building at 1602 Kings Highway in Sheepshead Bay, Brooklyn to Leonid Vayner for $12.85 million, according to city records. 

The sale, which was made through the entity Kings Highway 1602 Realty, closed on Oct. 8 and was recorded on Oct. 24, public records show. The three-story building at the corner of Kings Highway and East 16th Street has 32,838 square feet of built space and 3,956 square feet of additional air rights, PincusCo reported. 

The sale price was $391 per built square foot, and the price per buildable square foot was $349, according to Pincus. 

Sutton — who did not respond to requests for comment — acquired the property in 2020 for $11.75 million, according to city records. The property is home to mobile phone company T-Mobile. Vayner could not be reached for comment.  

The Sheepshead Bay area of Brooklyn, where the office is located, has a vast history going back to before the 1600s, when European settlers first arrived in what would become New York City. 

Named for the type of freaky-looking fish that used to be found in the nearby waterway, Sheepshead Bay today is home to a variety of commercial and residential buildings. Landmarks include Sheepshead Bay Yacht Club, Holocaust Memorial Park and Sheepshead Bay Piers.  

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.