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Jeff Krasnoff Of Rialto Capital Management And Stephen A. Schwarzman Of Blackstone Acquire Condo From Jeff Sutton For $8.57M In Brooklyn Heights

Property Image
SOLD
$8,566,885
Jeff Sutton
Stephen A. Schwarzman
Jeff Krasnoff

New York

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Condo2,491 SF
Sold 07/27/2025
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Property Image
SOLD

Jeff Krasnoff Of Rialto Capital Management And Stephen A. Schwarzman Of Blackstone Acquire Condo From Jeff Sutton For $8.57M In Brooklyn Heights

160 Montague Street

See Similar Deals
Condo2,491 SF
Sold 07/27/2025
Jeff Sutton
Stephen A. Schwarzman
Jeff Krasnoff
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Condo
Price Per Square Foot:$3,439
Total Square Footage:2,491 SF
Transaction Type:Sale

A retail condo was sold at 160 Montague Street in Brooklyn Heights, Brooklyn, for a total sale price of $8,566,885. The property spans 2,491 square feet, equating to a price per square foot of $3,439. The acquisition represents an important transaction in the market, completed via a credit bid.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $8,566,885
  • Buyer: Jeff Krasnoff - Rialto Capital Management
  • Buyer: Stephen A. Schwarzman - Blackstone
  • Seller: Jeff Sutton - Wharton Properties
  • Square Footage: 2,491
  • Price per Square Foot: $3,439

The deal involved notable figures in the real estate industry, with Jeff Krasnoff and Stephen A. Schwarzman representing prominent investment firms, Rialto Capital Management and Blackstone, respectively. Jeff Sutton is associated with Wharton Properties, the seller in this transaction.

Players

Jeff Krasnoff
Rialto Capital Management
Jeff Krasnoff
10 deals$427.5M volume
BUYER
Blackstone
Blackstone
BUYER
Rialto Capital Management
Rialto Capital Management
BUYER
Jeff Sutton
Wharton Properties
Jeff Sutton
54 deals$5.5B volume
SELLER

Details

SOLD
IMAGE: Jeff Krasnoff, Stephen A. Schwarzman & Jeff Sutton DATE: 07/27/2025 ADDRESS: 160 Montague Street MARKET: Brooklyn Heights, Brooklyn ASSET TYPE: Condo BUYER: Jeff Krasnoff - Rialto Capital Management & Stephen A. Schwarzman - Blackstone (@Blackstone) SELLER: Jeff Sutton - Wharton Properties SALE PRICE: $8,566,885 SF: 2,491 ~ PPSF: $3,439 NOTE: Blackstone Group and Rialto Capital acquired a retail condo at 160 Montague Street in Brooklyn Heights from Wharton Properties for $8.56 million via a credit bid, in a deal not considered a market sale.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$456,900.53

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$30,436.34
Cash-on-Cash Return-1.27%
Monthly Debt Service$40,611.41
Annual Debt Service$487,336.87