Bushwack Capital pays $5.2M to Bokhour Family for 11-unit walkup in Chinatown

Bushwack Capital through the entity 48c LLC paid $5.2 million to Bokhour Family through the entity Bapaz Pay LLC for 11-unit residential walkup building at 48 Eldridge Street in Chinatown, Manhattan.
The deal closed on February 9, 2022 and was recorded on March 1, 2022.
The property has 10,612 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $490 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 Bokhour Family was Alfred Bokhour, Deborah Golpariani, and Edward Bokhour. The signatory for Bushwack Capital was Dawson Stellberger.
Prior to this transaction, the buyer Bushwack Capital purchased five properties in five transactions for a total of $48.4 million and had not sold any properties over the past 24 months.
The seller Bokhour Family had not purchased any other properties and sold one properties in one transactions for a total of $15.5 million over the same time period.
The 10,612-square-foot property generated revenue of $371,027 or $35 per square foot, according to the most recent income and expense figures.

(103112196)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 10 residential units on October 31, 2018.

In Chinatown, the bulk, or 33 percent of the 9 million square feet of built space are residential walkup buildings, with mixed-use buildings next occupying 16 percent of the space. In sales, Chinatown has had very little sales volume relative to other neighborhoods with $109.6 million in sales volume in the last two years. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 261,484 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 58 percent of the 281,657 square feet of built space are residential walkup buildings, with mixed-use buildings next occupying 26 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Farhard Bokhour, head officer and Edward Bokhour, officer. The business entity was Sima Realty Llc.
Within a 400-foot radius of 48 Eldridge Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit application filed on October 22, 2021 for a 14,801-square-foot R-2 building with 10 residential units at 24 Orchard Street.
Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on August 6, 2020 for the $372,500 renovation of 19,722-square-foot R-2 building with 11 residential units at 83 Canal Street.
One of those three items was a loan which Treeline Companies borrowed $5.9 million from Signature Bank secured by the 17,025-square-foot, 29-unit rental (C7) on 119 Hester Street on July 2, 2021.

Direct link to Acris document. link