Adam Semler pays $10M for 2 East Village rentals, borrows $6.4M in financing

Adam Semler, though the entity Or 107 East Second, LLC paid a total of $10 million to Kokot Realty Enterprises for two rentals in the East Village in Manhattan.

The first, purchased from Kokot Realty Enterprises through the entity Grand Concourse/Davidson Associates, L.P. is a 20-unit rental (C4) at 107 East 2nd Street in East Village, Manhattan. The second, purchased from Kokot Realty Enterprises through the entity East Second Realty, LLC is a nine-unit rental (C1) at 109 East 2nd Street

Both deals closed on April 26, 2021 and were recorded on May 11, 2021.

Both properties have 8,924 square feet of built space each and 1,668 square feet of additional air rights for a total buildable of 10,592 square feet according to PincusCo analysis of city data. The sale price per built square foot is $560 and the price per buildable square foot is $472 per the PincusCo analysis.

The signatory for Kokot Realty Enterprises was Arthur Kokot. The signatory for Adam J. Semler was Adam J. Semler.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

The prior owners of the property at 107 East 2nd Street, according to the Department of Housing Preservation and Development included Arthur Kokot, head officer and Norbert Niwelt, site manager. The business entities were Provident Management Corp and Grand Concourse/Davidson Associates Lp.

The prior owners of the property at 109 East 2nd Street, according to the Department of Housing Preservation and Development included Arthur Kokot, head officer and Patrick Gilroy, agent. The business entities were Provident Management and East Second Realty, Llc.

Direct link to Acris documents. link, link

Semler also signed a $6.4 million acquisition loan with Ridgewood Savings Bank for the two rentals.

The deal closed on April 26, 2021 and was recorded on May 11, 2021.

Combined, the two properties have 17,848 square feet of built space and 3,336 square feet of additional air rights for a total buildable of 21,184 square feet according to PincusCo analysis of city data. The loan price per built square foot is $358 and the price per buildable square foot is $302 per the PincusCo analysis.

The signatory for Adam J. Semler was Adam J. Semler.

Direct link to Acris document. link