Gorjian pays $7.5M to Kokot Realty for 26-unit walkup in Nolita

Gorjian Real Estate Group through the entity 200 Mott Owner LLC paid $7.5 million to Kokot Realty Enterprises through the entity Chelsea 18 Partners, L.P. for the 26-unit residential walkup building (C7) at 200 Mott Street in Nolita, Manhattan.
The deal closed on November 29, 2023 and was recorded on December 8, 2023. The property has 12,000 square feet of built space and 2,138 square feet of additional air rights for a total buildable of 14,147 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $629 and the price per buildable square foot is $533 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 Kokot Realty Enterprises was Arthur Kokot. The signatory for Gorjian Real Estate Group was Cobby Gorjian. The contract date was September 6, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Gorjian Real Estate Group had purchased $69 million in property in nine transactions and has no record it sold any properties over the past 24 months.
The seller Kokot Realty Enterprises had not purchased any other properties and sold 10 properties in eight transactions for a total of $60.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Arthur Kokot, head officer and Patrick Gilroy, site manager. The business entity is Chelsea 18 Partners Lp.

The property

The residential walkup building with 26 residential units in Nolita has 12,000 square feet of built space and 2,138 square feet of additional air rights for a total buildable of 14,147 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 93 feet deep with a total lot size of 2,350 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $4.4 million. The most recent loan totaled $13.2 million and was provided by New York Community Bank on December 13, 2021.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $50 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 25 commercial properties representing 143,385 square feet of the 317,551 square feet. The largest owner is Provident Management, followed by J&L Holding and then Gregg Husk.
There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 317,551 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

The seller

The PincusCo database currently indicates that Kokot Realty Enterprises owned at least five commercial properties with 91 residential units in New York City with 88,629 square feet and a city-determined market value of $16.3 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 58 percent of the 88,629 square feet of built space are elevator properties, with walkup properties next occupying 42 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Gorjian Real Estate Group owned at least nine commercial properties with 84 residential units in New York City with 228,730 square feet and a city-determined market value of $76.1 million. (Market value is typically about 50% of actual value.) The portfolio has $12 million in debt, borrowed from Citibank. Within the portfolio, the bulk, or 54 percent of the 228,730 square feet of built space are office properties, with walkup properties next occupying 28 percent of the space. They are all located in Manhattan.

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