JAM Real Estate pays $19M for four walkup buildings in Yorkville

JAM Real Estate Partners through the entity Jam E 89 LLC paid $19 million to the estate of Mary D. Grell for four buildings including the 10-unit residential walkup building at 328 East 89th Street in Yorkville, Manhattan, 10-unit residential walkup building at 326 East 89th Street in Yorkville, Manhattan, and 10-unit residential walkup building at 324 East 89th Street in Yorkville, Manhattan.
The deal closed on January 14, 2022 and was recorded on January 27, 2022.
The four properties have 34,760 square feet of built space and 5,924 square feet of additional air rights for a total buildable of 40,672 square feet according to PincusCo analysis of city data. The sale price per built square foot is $546 and the price per buildable square foot is $467 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Estate of Mary D. Grell was Christoper Grell. The signatory for JAM Real Estate was Jared Pinchasick, who is founder and managing principal at JAM Real Estate Partners.
Prior to this, JAM has purchased at least two other properties over the past two years totaling $9.5 million.
The four properties with a total of 34,760 square feet of built space generated revenue of $1.3 million per year or $37 per square foot. The sale price per square foot was $547.

In Yorkville, the majority, or 71 percent of the 43.2 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 17 percent of the space. In sales, Yorkville has 1.4 times the average sales volume among other neighborhoods with $398.1 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Yorkville has 1.7 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 1.5 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.
On the tax block, the majority, or 75 percent of the 462,039 square feet of built space are residential walkup buildings, with residential elevator buildings next occupying 21 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Mary Schulz, joint owner and Josephine Schulz, joint owner. The business entity was R.E.M. Residential.
Within a 400-foot radius of 328 East 89th Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, one was for major renovation including a certificate of occupancy change. It was a permit issued on November 10, 2021 for the $10 million renovation of 17,746-square-foot B building with no residential units at 350 East 88th Street.
One of those four items was a sale which HUBB NYC bought the 9,165-square-foot, 20-unit rental (C1) on 306 East 89th Street for $7 million from AIR Communities on November 22, 2021.
Of those four items, two were loans above $5 million totaling $28 million. The most recent of the two was GPG Properties which borrowed $17 million from Santander Bank secured by the 28,041-square-foot, 20-unit rental (C1) on 336 East 90th Street and four other properties on January 11, 2022.

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