Kamrun Osmani pays $4.4M to Zvi Gotian for residential walkup in Kips Bay

Aziz Osmani and Kamrun N. Osmani through the entity Kamrun Properties LLC paid $4.4 million to Zvi Gotian through the entity 125 Lex. Realty Corp. for eight-unit residential walkup building (C7) at 125 Lexington Avenue in Kips Bay, Manhattan.
The deal closed on October 20, 2022 and was recorded on October 24, 2022. The property has 5,460 square feet of built space and 5,048 square feet of additional air rights for a total buildable of 10,516 square feet according to PincusCo analysis of city data. The sale price per built square foot is $805 and the price per buildable square foot is $418 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 Zvi Gotian was Zvi Gotian. The signatory for Aziz Osmani and Kamrun N. Osmani was Aziz Osmani and Kamrun N. Osmani.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Aziz Osmani had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Zvi Gotian 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 Zvi Gotian, head officer and Lee Weiss, officer. The business entity is 125 Lex. Realty Corp. The 5,460-square-foot property generated revenue of $276,167 or $51 per square foot, according to the most recent income and expense figures.

The property

The 125 Lexington Avenue parcel has frontage of 21 feet and is 80 feet deep with a total lot size of 1,747 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $5 million on this tax lot.

The block

On this tax block, PincusCo has identified the owners of 11 of the 28 commercial properties representing 279,179 square feet of the 523,274 square feet. The largest owner is Zucker Organization, followed by Forkosh Development Group and then S.W. Management.
On the tax block, there were three new building construction projects totaling 102,971 square feet. The largest is a six-unit, 37,911-square-foot R-1 building developed by Daniel Dabakaroff with plans filed July 10, 2018 and it has not been permitted yet. The second largest is a 56-unit, 33,667-square-foot R-2 building developed by Daniel Dabakaroff with plans filed August 8, 2018 and it has not been permitted yet.

The majority, or 44 percent of the 523,274 square feet of built space are elevator buildings, with office buildings next occupying 31 percent of the space.

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