Manhattan, NY Ryan Sabet and Yoel Sarraf of Venture Capital Properties represented the buyer, in the $11.95 million sale of 223 East 89th St.
JAM Real Estate Partners, ran by Jared Pinchasick, purchased this property April of 2018. After extensive renovations, the property was sold. The purchaser was POTR 223 East 89th Street, LLC.
Joe Koicim of Marcus & Millichap represented the buyer.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,