Hikari Power Z pays $6.2M to Joshua Einhorn, partners, for 5-unit walkup in Hell’s Kitchen

Hikari Power Z Co. paid $6.2 million to Joshua Einhorn and partners through the entity 354 West 44th Street Holding LLC for the five-unit residential walkup building (C4) at 354 West 44th Street in Hell’s Kitchen, Manhattan. The expected use is cash flowing.
The deal closed on October 16, 2024 and was recorded on October 23, 2024. The property has 7,575 square feet of built space and 7,783 square feet of additional air rights for a total buildable of 15,363 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $825 and the price per buildable square foot is $406 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 partnership bought the property on December 10, 2020, for $3.8 million. The signatory for members of the partnership including Joshua Einhorn, Avi Adelsberg, David Adelsberg, Hindy Lifshitz, and Clinton Biondo was Joshua Einhorn. The signatory for Hikari Power Z Co. was Kenji Otsubo. The contract date was August 29, 2024. Kenji Otsubo is owner of the management company Otsubo Realty.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hikari Power Z Co. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Joshua Einhorn purchased one property in one transaction for a total of $3 million and had not sold any properties over the same time period.

The property

The residential walkup building with 5 residential units in Hell’s Kitchen has 7,575 square feet of built space and 7,783 square feet of additional air rights for a total buildable of 15,363 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,552 square feet. 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 $4.1 million.

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 $500 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 13 of the 26 commercial properties representing 201,502 square feet of the 733,306 square feet. The largest owner is Lawrence Lipman, followed by Acuity Capital Partners and then Edison Properties.
On the tax block, there were two new building construction projects totaling 66,722 square feet. The largest is a 114-unit, 35,225 square-foot hotel/dormitory/shelter (R-1) building submitted by McSam Hotel Group and filed by Sam Chang with plans filed November 26, 2014 and permitted August 26, 2015. The second largest is a 29-unit, 31,497 square-foot residential (R-2) building submitted by Yevgeniy Lvovskiy and filed by Yevgeniy Lvovskiy with plans filed April 21, 2022 and permitted January 26, 2023.

The majority, or 66 percent of the 733,306 square feet of built space are hotel buildings, with walkup buildings next occupying 9 percent of the space.

The seller

The PincusCo database currently indicates that David Adelsberg owned at least seven commercial properties with 472 residential units in New York City with 444,294 square feet and a city-determined market value of $36.9 million. (Market value is typically about 50% of actual value.) The portfolio has $7.1 million in debt, borrowed from Greystone & Co.. Within the portfolio, all identified are elevator properties. They are all located in Brooklyn.
The PincusCo database currently indicates that Joshua Einhorn owned at least two commercial properties with 13 residential units in New York City with 12,214 square feet and a city-determined market value of $4.9 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

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