Moshe Khoshkheraman pays $10M for two 18-unit walkups in Yorkville

Moshe Khoshkheraman through the entity Dovero 2 LLC paid $10 million to Pasquale J. Coppolecchia and Amalia Coppolecchia through the entity Dovero Realty Corp for two 18-unit residential walkup buildings (C7) at 1725 and 1727 Second Avenue in Yorkville, Manhattan. The properties are at the corner of East 89th Street.
The deal closed on March 1, 2023 and was recorded on March 6, 2023. The two properties have 17,667 square feet of built space and 33,008 square feet of additional air rights for a total buildable of 50,670 square feet according to PincusCo analysis of city data. The sale price per built square foot is $566 and the price per buildable square foot is $197 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 signatories for the sellers were Pasquale J. Coppolecchia and Amalia Coppolecchia. The signatory for Moshe Khoshkheraman was Moshe Khoshkheraman. The contract date was September 30, 2021.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 1727 2nd Avenue.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Moshe Khoshkheraman purchased six properties in six transactions for a total of $25.8 million and has no record he sold any properties over the past 24 months.
The seller Pasquale J. Coppolecchia had not purchased any other properties and sold two properties in two transactions for a total of $12 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Pasquale Coppolecchia, head officer and Christopher Coppolecchia, officer. The business entity is Dovero Realty Corp. The two properties with a total of 17,667 square feet of built space generated revenue of $975,091 per year or $55 per square foot. The sale price per square foot was $566.

The property

The 1727 2nd Avenue parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is C2-8 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties since September of 2020. In addition, according to city public data, the properties have received 20 housing violations and $9,940 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 $5 million on this tax lot.

The block

On the tax block of 1727 2nd Avenue, PincusCo has identified the owners of nine of the 24 commercial properties representing 118,328 square feet of the 264,955 square feet. The largest owner is S.W. Management, followed by Rhoda Crane and then Keystone Management.
There are no active new building construction projects on this tax block.

The majority, or 81 percent of the 264,955 square feet of built space are walkup buildings, with elevator buildings next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that Moshe Khoshkheraman owned at least six commercial properties in New York City with 37,467 square feet and a city-determined market value of $15.6 million. (Market value is typically about 50% of actual value.) The portfolio has $11.5 million in debt, with top three lenders as Shapour Sohayegh, Behrouz Oheb, and Maurice Sohayegh respectively. Within the portfolio, the bulk, or 87 percent of the 37,467 square feet of built space are walkup properties, with mixed-use properties next occupying 8 percent of the space. The bulk, or 68 percent of the built space, is in Manhattan, with Brooklyn next at 32 percent of the space.

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