Black Spruce Management paid $70M to Parkoff Organization

Black Spruce Management through the entity 25 East 67Th Street LLC paid Parkoff Organization’s Williamsburg Assets LLC $70.0 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 53 residential units at 794 Madison Avenue in Lenox Hill. The deal closed on August 01, 2019 and was recorded on August 20, 2019. The parcel has total development potential of 41,674 square feet.
The sale price per unit is $1,320,755.
The estimated cap rate is 2.9%

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $197,885.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link