Anonymous buyer pays $24M to AION Partners for property in the Upper East Side

An anonymous buyer through the entity 807 Park LLC paid AION Partners’s 813 Park Avenue Holdings, LLC $24 million for 807 Park Avenue in the Upper East Side. The deal closed on December 5, 2019, and was recorded on December 23, 2019. The transaction consists of 1 parcel, including the tax class three-family (C0) and containing 3 residential units. The property is 21,999 square feet. The parcel(s) have total development potential of 21,999 square feet.
The average sale price per square foot is $1,091. The property was marketed as either income producing or as an option to create a single-family home. The loan documents indicate the intent is a single-family home.

The last time the property sold was June 3, 2004, for $14,300,000 when AION, led by Michael Betancourt and Siraj Dadabho, bought it from hip-hop singer and producer Sean “Diddy” Combs.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $4,500,000. Those filings sought to increase the number of residential units by 2 to 5There has been one new building permit application totaling 18,747 square feet. Those plans include a total of 5 residential or hotel units.

Correction: A previous version of this post identified an individual buyer who told PincusCo he was not in fact the buyer.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link