Hikari Power Z Co. pays $15.2M to Kriss, Lockhill Properties for 20-unit walkup in Midtown East

Hikari Power Z Co. through the entity Hikari Power Z Co., Ltd. paid $15.2 million to Jody Kriss and Lockhill Properties through the entity 246 E 53rd Owner LLC for the 20-unit residential walkup building (C7) at 246 East 53rd Street in Midtown East, Manhattan. The expected use is cash flowing.
The deal closed on April 20, 2026 and was recorded on April 30, 2026. The property has 12,915 square feet of built space and 468 square feet of additional air rights for a total buildable of 13,388 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,176 and the price per buildable square foot is $1,135 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 sellers bought the property on February 14, 2025, for $8.1 million. The signatory for Jody Kriss and Lockhill Properties was Parke Leatherman and Jody Kriss. The signatory for Hikari Power Z Co. was Michael A. Mulia . The contract date was January 5, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has records that the buyer Hikari Power Z Co. purchased one property in one transaction for a total of $6.2 million and has no record it sold any properties over the past 24 months.
The seller Jody Kriss had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Parke Leatherman, head officer and Julie Stern, officer. The business entities are Monday Morning Management, Llc and 246 East 53rd Owner, Llc.

The property

The residential walkup building with 20 residential units in Midtown East has 12,915 square feet of built space and 468 square feet of additional air rights for a total buildable of 13,388 square feet according to a PincusCo analysis of city data. The parcel has frontage of 33 feet and is 100 feet deep with a total lot size of 3,347 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.2 million.

Transaction Participants

Michael A. Mulia at Belkin Burden Goldman, LLP participated in the transaction on behalf of the buyer.

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 $12,050 in ECB penalties, 11 housing violations, and $12,380 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 seven of the 20 commercial properties representing 681,386 square feet of the 847,262 square feet. The largest owner is Global Holdings Management Group, followed by Prime Realty Associates and then Empire Management.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 847,262 square feet of built space are office buildings, with specialty buildings next occupying 11 percent of the space.

The seller

The PincusCo database currently indicates that Lockhill Properties owned at least eight commercial properties with 100 residential units in New York City with 72,700 square feet and a PincusCo-determined asset value of $58.8 million. The portfolio has $24.3 million in debt, borrowed from Derby Copeland Capital and First Horizon Bank. Within the portfolio, the bulk, or 57 percent of the 72,700 square feet of built space are walkup properties, with elevator properties next occupying 34 percent of the space.

The buyer

The PincusCo database currently indicates that Hikari Power Z Co. owned at least one commercial property with five residential units in New York City with 7,575 square feet and a PincusCo-determined asset value of $6.2 million. The portfolio consists of at least a single walkup property.

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