Jeff Sutton Sells Williamsburg Retail Property for $34M

Yoshida & Company, a Japanese accessory manufacturer and retailer, has acquired a retail property at 103 North Fourth Street in Williamsburg, Brooklyn, for $33.5 million, property records made public this week show. 

Jeff Sutton’s Wharton Properties sold the one-story retail building — which is entirely occupied by a Bank of America branch — along with Daol Asset Management and BNK Financial Group, which operated as the LLC 166 Berry Owner, according to records.

Sutton signed the deal for seller Wharton Properties, while William Crable of the Tokyo-based Efficiency Capital Advisors signed for Yoshida & Company. 

Sutton and Efficiency Capital Advisors did not immediately respond to requests for comment. 

Wharton acquired the property in 2019 for $20 million, records show, and Daol acquired a majority stake in the building in 2021, at a value of $31.3 million. Wharton maintained a stake following the 2021 deal. 

The retail property has 6,200 square feet of built space and 12,400 square feet of additional air rights, according to PincusCo, which first reported the transaction. 

Yoshida & Company, the company behind the Porter brand of popular handbags and totes, has a store in Manhattan’s SoHo neighborhood, along with locations in Denver, Atlanta and in Hawaii. It’s unclear what the brand intends to do with its new Williamsburg spot.

The trendy neighborhood of Williamsburg is known for its high-end shopping options, including luxury watchmaker Rolex, which is set to open a new store in the neighborhood; Nordstrom Local, which signed a 3,000 square-foot lease in the area last summer; and Hermès, which has had a long-standing presence in the area as well. 

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