Alex Forkosh pays $35M to Carter Management for 14-unit building in Lenox Hill

Alex Forkosh of Coral Realty and Forkosh Development through the entity ASF 61 LLC paid $35 million to Carter Management through the entity Lazarus 5, LLC for 14-unit property at 305 East 61st Street in Lenox Hill, Manhattan.
The deal closed on December 20, 2021 and was recorded on January 19, 2022.
The property has 66,237 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $528 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

The signatory for Carter Management was Jason Carter. The signatory for Coral Realty was Alexander Forkosh.
Prior to this transaction, the buyer Coral Realty had not purchased any other properties and sold one properties in one transactions for a total of $11 million over the past 24 months.
The seller Carter Management purchased two properties in two transactions for a total of $62.4 million and had not sold any properties over the same time period.
Over the past five years, there have been 12 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 12 renovation/alteration projects (A2) applied for with a total estimated value of $1.7 million. One of the projects were to change the building from a B-2 to a R-2 and change the number of residential units from 0 to 14 and were permitted on July 27, 2017.
On the tax block, the majority, or 35 percent of the 468,104 square feet of built space are residential walkup buildings, with industrial buildings next occupying 23 percent of the space.
There was a condominium project filed with the address 305 East 61st Street and the name New York Arts Condominium (the) on June 30, 2016. The principals of the sponsor, 305 East 61st Street Group Llc, were Mitchell Marks and Jason Carter. link

Within a 400-foot radius of 305 East 61st Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were sales above $5 million totaling $20.4 million. The most recent of the two was HUBB NYC which bought the 21,340-square-foot, 56-unit rental (C5) on 322 East 61st Street for $14.4 million from AIR Communities on November 19, 2021.
Of those four items, two were loans above $5 million totaling $15.5 million. The most recent of the two was Townhouse Property Group which borrowed $5.5 million from Dime Community Bank secured by the 4,000-square-foot, five-unit mixed-use building (S4) on 1156 2nd Avenue and two other properties on June 17, 2021.

Direct link to Acris document. link