Maurice Kohan pays $3.4M for 10-unit walkup in Upper West Side

Maurice Kohan through the entity West End Enterprises Group LLC paid $3.4 million to Ofelia Roca and Sylvia Pena through the entity 620 Wea LLC for the 10-unit residential walkup building (C7) at 620 West End Avenue in Upper West Side, Manhattan.
The deal closed on November 3, 2023 and was recorded on November 14, 2023. The property has 5,928 square feet of built space and 9,008 square feet of additional air rights for a total buildable of 14,940 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $573 and the price per buildable square foot is $227 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 Ofelia Roca and Sylvia Pena was John M. Churneftsky. The signatory for Maurice Kohan was Maurice Kohan. The contract date was June 29, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Maurice Kohan purchased three properties in two transactions for a total of $8.2 million and has no record it sold any properties over the past 24 months.
The seller Ofelia Roca 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 Ofelia Roca, individual owner and Sylvia Pena, site manager.

The property

The residential walkup building with 10 residential units in Upper West Side has 5,928 square feet of built space and 9,008 square feet of additional air rights for a total buildable of 14,940 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 57 feet deep with a total lot size of 1,494 square feet. The lot is irregular. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Riverside-West End Historic District. The city-designated market value for the property in 2022 is $2 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 two DOB violations, 10 housing violations, and $3,500 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 eight of the 17 commercial properties representing 83,944 square feet of the 336,784 square feet. The largest owner is Rachel Goldberg, followed by Li Zhang.
There are no active new building construction projects on this tax block.

The majority, or 79 percent of the 336,784 square feet of built space are elevator buildings, with walkup buildings next occupying 21 percent of the space.

The buyer

The PincusCo database currently indicates that Maurice Kohan owned at least 13 commercial properties with 108 residential units in New York City with 80,243 square feet and a city-determined market value of $15.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 99 percent of the 80,243 square feet of built space are walkup properties, with industrial properties next occupying 1 percent of the space. The bulk, or 60 percent of the built space, is in Manhattan, with Queens next at 21 percent of the space.

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