Sanwa Pays $11M for Kinsale Tavern Building JAM Bought at $6.7M
The seller's 2022 deed puts its reported gain near $4.3M, or about 64%, in four years. The sale deed is not in city open data yet.
A Japanese company has reportedly paid about $11 million for the Upper East Side building long known for Irish sports bars, and the seller bought it for $6.725 million four years ago. Crain’s New York Business reports Sanwa Co. bought 1672 Third Avenue, the longtime home of Kinsale Tavern, from JAM Real Estate Partners.
Why it matters
Third Avenue’s old bar-and-apartment buildings rarely trade, and this one has changed hands twice in four years. JAM’s recorded 2022 deed shows it paid $620 per building square foot. The reported $11 million works out to about $1,014, a gain of roughly $4.3 million, or 64%, before costs.
The building is not just a bar. City records count 16 apartments above 1,975 square feet of ground-floor retail, so a new owner inherits both the saloon lease and the residential tenants. Neither outlet has said what Sanwa plans for either.
The numbers
JAM 1672 LLC bought the five-story, 1905 building on Aug. 16, 2022 from 1672 Keelbeg Realty LLC for $6,725,000. It borrowed $4,715,000 and $1,885,000 from Emerald Creek Capital 3, LLC the same day, about 98% of the price. In August 2024 Citi Real Estate Funding Inc. took over in a $6,595,000 agreement, plus a $515,000 mortgage.
As of Oct. 13, the city’s property file still lists JAM 1672 LLC as owner of the 2,533-square-foot lot, zoned C2-8, so the Sanwa deed had not appeared in open records. The $11 million is Crain’s figure, not a recorded price.
What’s next
Watch for the recorded deed, which will fix the price, the buyer entity and any new mortgage, and for whether Citi’s roughly $7 million of debt is paid off at closing. More: New York →
On the record
Primary record
- Public recordThe seller's own purchase deed, recorded Sept. 6, 2022 for block 1522 lot 38, shows 1672 Keelbeg Realty LLC selling to JAM 1672 LLC for $6,725,000, about $620 per building square foot. At the reported $11 million, Sanwa pays about $1,014 per square foot, roughly 64% more than JAM paid.View the record on a836-acris.nyc.gov
- Public recordJAM financed nearly the whole 2022 price: mortgages of $4,715,000 and $1,885,000 to Emerald Creek Capital 3, LLC, together $6.6 million or about 98% of the purchase price. In August 2024 Citi Real Estate Funding Inc. took over the debt in a $6,595,000 agreement plus a $515,000 mortgage.View the record on a836-acris.nyc.gov
- Public recordAs of Oct. 13, 2026 the city's property file (PLUTO) still lists JAM 1672 LLC as owner of the 10,845-square-foot, five-story building, which holds 16 apartments and 1,975 square feet of retail, and no deed to Sanwa had appeared in city open records.View the record on zola.planning.nyc.gov
- NYC ACRIS, mortgage 2022082200890002Aug. 16, 2022 $4,715,000 mortgage to Emerald Creek Capital 3, LLC
Also reported by
- Crain's New York Business, Sanwa Co. buys 1672 Third Ave. for $11M from JAM Real Estate PartnersOct. 13, 2026 report of an $11M sale of the building long home to Kinsale Tavern