Jacob Fulop pays $8M to Janet Giaimo Vitale for 20-unit property in East Harlem

Jacob Fulop through the entity 96th Street Lofts LLC paid Janet Giaimo Vitale’s E G A Associates Inc. $7.5 million for 223 East 96th Street in East Harlem. The deal closed on November 8, 2019, and was recorded on November 21, 2019. The transaction consists of 1 parcel, including the tax class multifamily, old law tenements (C4) and containing 20 residential units. The property is 10,455 square feet. The parcel(s) have total development potential of 28,096 square feet.
The sale price per unit is $375,000.
The estimated cap rate is 1.3%

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. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $377,600.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link