Lockhill Properties pays $6M to Kokot Realty for 21-unit walkup in Kips Bay
Lockhill Properties through the entity 225 East 25th Owner LLC paid $6 million to Kokot Realty Enterprises through the entity Grand Concourse/Davidson Associates, L.P. for the 21-unit residential walkup building (C5) at 225 East 25th Street in Kips Bay, Manhattan.
The deal closed on December 22, 2023 and was recorded on January 5, 2024. The property has 9,920 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $599 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 Lockhill Properties was Parke Leatherman. The contract date was September 1, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Lockhill Properties purchased five properties in four transactions for a total of $30.6 million and sold two properties in one transactions for a total of $5.8 million over the past 24 months.
The seller Kokot Realty Enterprises had not purchased any other properties and sold 11 properties in nine transactions for a total of $68.3 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 Grand Concourse/Davidson Associates Lp.
The property
The residential walkup building with 21 residential units in Kips Bay has 9,920 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,468 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 $3.6 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 one DOB violation, one housing violation, and $350 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 24 commercial properties representing 159,937 square feet of the 320,188 square feet. The largest owner is Viking Management, followed by Steven Miller and then Solil Management.
There are no active new building construction projects on this tax block.
The majority, or 50 percent of the 320,188 square feet of built space are elevator buildings, with walkup buildings next occupying 48 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 Lockhill Properties owned at least four commercial properties with 33 residential units in New York City with 25,981 square feet and a city-determined market value of $15.9 million. (Market value is typically about 50% of actual value.) The portfolio has $7.3 million in debt, borrowed from First Horizon Bank. Within the portfolio, the bulk, or 79 percent of the 25,981 square feet of built space are walkup properties, with mixed-use properties next occupying 21 percent of the space. They are all located in Manhattan.
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