Jam 1685-1687 LLC paid $13M to Punnett Realty Company

Jam 1685-1687 LLC paid Punnett Realty Company’s 1685 First Avenue, LLC $13.0 million for 1 parcel, including the tax class multifamily, more than six families with stores (C7) and containing 27 residential units at 1685 1 Avenue in Yorkville. The deal closed on August 21, 2019 and was recorded on August 28, 2019. The parcel(s) have total development potential of 63,579 square feet.
The sale price per unit is $481,481.
The estimated cap rate is 3.5%
No debt was recorded with the purchase. The last time the property sold was January 22, 2008, for $2,985,000.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $267,290.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link