Maurice Kohan pays $4.8M to Sackman Enterprises for 15-unit walkup in Hell’s Kitchen

Maurice Kohan through the entity W 58 Enterprises Group LLC paid $4.8 million to Sackman Enterprises through the entity 444 West 58 Realty, LLC for the 15-unit residential walkup building (C4) at 444 West 58th Street in Hell’s Kitchen, Manhattan.
The deal closed on October 4, 2023 and was recorded on October 19, 2023. The property has 9,635 square feet of built space and 5,471 square feet of additional air rights for a total buildable of 15,110 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $498 and the price per buildable square foot is $317 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 Sackman Enterprises was James F. Hefelfinger. 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 two properties in one transaction for a total of $3.4 million and has no record it sold any properties over the past 24 months.
The seller Sackman Enterprises had not purchased any other properties and sold four properties in four transactions for a total of $31.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Carter Sackman, head officer and James Hefelfinger, officer. The business entities are Sackman and 444 West 58 Realty, LLC.

The property

The residential walkup building with 15 residential units in Hell’s Kitchen has 9,635 square feet of built space and 5,471 square feet of additional air rights for a total buildable of 15,110 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 2,510 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.8 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 $600 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 seven of the 13 commercial properties representing 313,004 square feet of the 596,224 square feet. The largest owner is Zavisa Zecevic, followed by Robert Miller and then Kamran Hakim.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 596,224 square feet of built space are elevator buildings, with specialty buildings next occupying 29 percent of the space.

The seller

The PincusCo database currently indicates that Sackman Enterprises owned at least 41 commercial properties with 635 residential units in New York City with 526,765 square feet and a city-determined market value of $161.6 million. (Market value is typically about 50% of actual value.) The portfolio has $84.8 million in debt, with top three lenders as First Republic Bank, Citibank, and New York Community Bank respectively. Within the portfolio, the bulk, or 52 percent of the 526,765 square feet of built space are walkup properties, with elevator properties next occupying 36 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Maurice Kohan owned at least 12 commercial properties with 93 residential units in New York City with 70,608 square feet and a city-determined market value of $12.7 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 99 percent of the 70,608 square feet of built space are walkup properties, with industrial properties next occupying 1 percent of the space. The bulk, or 54 percent of the built space, is in Manhattan, with Queens next at 24 percent of the space.

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