Is there any Restapi's available for interacting with Jazz sandbox ?

If by "Jazz sandbox", you mean the trial projects that you can create on jazz.net, then you can definitely use OSLC/REST API to access these projects, depending which application (CCM/QM/RM) you are interested it. You may want to start with the OSLC workshop though.
https://jazz.net/library/article/635

In addition to Donalds answer I think it is important to state that you will most likely not have enough privileges on these servers to create project areas with any API that is accessible to you. If you want to do experiments like that, you would have to install CLM on a test server on premise and use the CLM APIs to create project areas.