James Lister’s Rosemawr Management pays $11M to Education Capital Solutions for property in Mott Haven

James Lister’s Rosemawr Management through the entity Rm Flacs Iii Ny LLC paid Education Capital Solutions’s Education Capital Solutions, LLC $10.8 million for 370 Gerard Avenue in Mott Haven. The deal closed on November 20, 2019, and was recorded on December 4, 2019. The transaction consists of 1 parcel, including the tax class schools or academies (W3). The property is 14,400 square feet. The parcel(s) have total development potential of 19,640 square feet.
The average sale price per square foot is $550.
The estimated cap rate is 2.0%
The last time the property sold was January 20, 2016, for $3,795,499.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on August 12, 2016.
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 $150,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link