Isidoros Sfikas pays $11M to Michael Adler for multifamily property in Yorkville

Isidoros Sfikas through the entity Concorde I, LLC paid Michael Adler’s Binro Realty Corp. $11.3 million for 525 East 88th Street in Yorkville. The deal closed on November 22, 2019, and was recorded on December 4, 2019. The transaction consists of 1 parcel, including the tax class multifamily, semi-fireproof (without stores) (D1) and containing 39 residential units. The property is 21,500 square feet. The parcel(s) have total development potential of 21,500 square feet.
The sale price per unit is $290,974.
The estimated cap rate is 3.1%
The last time the property sold was November 21, 2019, for $4,575,000.

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 $112,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link