Manocherian Brothers pays $6M for 20-unit walk-up in Yorkville

The Manocherian Brothers through the entity Jammano Associates LLC paid a trust created under the will & testament of Fred Ziess, $6.3 million for 224 East 81st Street in Yorkville. The deal closed on November 12, 2019, and was recorded on November 21, 2019. The transaction consists of 1 parcel, including the tax class multifamily, converted dwelling or rooming house (C5) and containing 20 residential units. The property is 10,225 square feet. The parcel(s) have total development potential of 10,568 square feet.
The sale price per unit is $315,000.
The estimated cap rate is 4.1%

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