Jose Serruya paid $12M to Jam Real Estate Partners

Jose Serruya through the entity Potr 223 East 89Th Street, LLC paid Jam Real Estate Partners’s Jam223E89 Investor LLC $12.0 million for 1 parcel, including the tax class multifamily, converted dwelling or rooming house (C5) and containing 20 residential units at 223 East 89 Street in Yorkville. The deal closed on June 28, 2019 and was recorded on July 22, 2019. The parcel(s) have total development potential of 10,465 square feet.
The sale price per unit is $597,500..
The estimated cap rate is 1.7%
The last time the property sold was March 20, 2018, for $8,100,000.

Over the past five years, there have been 6 NYC Department of Buildings permit applications filed for this parcel. There were 6 renovation/alteration projects (A2) applied for with a total estimated value of $984,500.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
Story link.