JPB Enterprises pays $7.3M to Forkosh Development for 9-unit walkup in Lenox Hill

JPB Enterprises through the entity 1374 Third Avenue Inc. paid $7.3 million to Forkosh Development through the entity 130 East 61st Street, LLC for the nine-unit residential walkup building (C7) at 130 East 61st Street in Lenox Hill, Manhattan. The expected use is cash flowing.
The deal closed on October 9, 2025 and was recorded on October 16, 2025. The property has 8,450 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $863 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 May 3, 2023, for $5.7 million. The signatory for Forkosh Development was Steven Forkosh. The signatory for JPB Enterprises was Steven M. Bari . The contract date was August 7, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer JPB Enterprises had purchased any other properties and sold one property in one transaction for a total of $8.8 million over the past 24 months.
The seller Forkosh Development had not purchased any other properties and had not sold any properties over the same time period. The 8,450-square-foot property generated revenue of $412,783 or $49 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 9 residential units in Lenox Hill has 8,450 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 100 feet deep with a total lot size of 2,008 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 $7 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 $1,150 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 16 of the 37 commercial properties representing 66,224 square feet of the 404,431 square feet. The largest owner is Arris Properties Group, followed by Forkosh Development Group and then Kahen Properties.
On the tax block, there was one new building construction project filed totaling 7,916 square feet. It is a seven-unit, 7,916 square-foot residential (R-2) building submitted by Majid Kahen with plans filed March 4, 2022 and permitted April 26, 2024.

The majority, or 56 percent of the 404,431 square feet of built space are office buildings, with walkup buildings next occupying 19 percent of the space.

The seller

The PincusCo database currently indicates that Forkosh Development owned at least two commercial properties with 14 residential units in New York City with 156,237 square feet and a city-determined market value of $26.6 million. (Market value is typically about 50% of actual value.) The portfolio has $99 million in debt, borrowed from Bank of America and Webster Bank. Within the portfolio, the bulk, or 58 percent of the 156,237 square feet of built space are hotel properties, with elevator properties next occupying 42 percent of the space. They are all located in Manhattan.

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