Carter Management pays $11M to Forkosh Development for garage in Kips Bay

Carter Management through the entity Gamzu 5, LLC paid $11 million to Alexander Forkosh who controls Coral Realty and Forkosh Development Gorup, through the entity 150 East 33rd Street LLC for parking garage building at 148 East 33rd Street in Kips Bay, Manhattan.
The deal closed on December 21, 2021 and was recorded on January 7, 2022.
The property has 27,800 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $395 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 seller bought the property on January 8, 2021, for $9 million.
The signatory for Coral Realty was Alexander Forkosh.
Prior to this transaction, the buyer Carter Management acquired one property in one transaction for a total of $51.4 million and had not sold any properties over the past 24 months.

The 27,800-square-foot property generated revenue of $966,876 or $35 per square foot, according to the most recent income and expense figures.

(121504586)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 17, 2014.
In Kips Bay, the majority, or 53 percent of the 31.3 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 25 percent of the space. In sales, Kips Bay has 2.5 times the average sales volume in the city with $677.3 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Kips Bay has had very little major development activity relative to other neighborhoods. It had 667,194 square feet of commercial construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.

Within a 400-foot radius of 148 East 33rd Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, four were loans above $5 million totaling $97.6 million. The most recent of the four was Meyer Equities which borrowed $37 million from JPMorgan Chase secured by the 101,283-square-foot, five-unit office building (O3) on 145 East 32nd Street on August 9, 2021.
Correction: Forkosh Development Group name added to the story.
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