Jeff Sutton of Wharton, New York buys Beach Front Mansion in Jersey

The real estate markets have been striving to regain its highs but have been falling short repeatedly. However, the activity on the markets has increased in terms of number of transactions of significant value. The Real Deal recently reported about a major real estate purchase in Deal, NJ. Jeff Sutton who is a major force in the New York City real estate market has moved into New Jersey with this deal. The real estate mogul from New York City has purchased an outsized luxury home for $22.6 million.

The major deal in Deal has attracted the attention of those watching the real estate markets. The luxury home in question was originally listed for an asking price of $35 million. However the markets haven’t recovered enough to sustain that level of prices. Sutton could finally strike a deal at a much lower price of $22.6 million which in any case is still one of the highest prices ever recorded in Manmouth County real estate history. Sutton has big plans for the mansion and will renovate extensively the landmarked building at 91, Ocean Boulevard.

The double storied house belonged to the estate of Ruth Sampson. One of the major attractions for Sutton was that the property is located just one hour south of New York City. Sutton is the founder President of the commercial real estate firm Wharton. The firm owns several premium properties on Fifth Avenue and on 34th Street and in Times Square. The highlights of the house that must have attracted Sutton are many. The house boasts of 350 feet of private beach. The estate is spread on 5.3 acres of land. The house with seven bedrooms feels like five distinct houses. The dihedral-shaped mansion has a total of 12,000 square feet of living space.

Via: TheRealDeal

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