Moshe Khoshkheraman pays $12M for two residential walkups in East Village

Moshe Khoshkheraman bought two residential walkup buildings in East Village for a total of $12 million, public records show.

Khoshkheraman paid $8 million for the 16-unit building at 180 First Avenue and $4 million for the 13-unit building at 170 First Avenue through the entities 84 Hoyt LLC and 170 1st Ave LLC, respectfully. The deals closed on March 21, 2022 and was recorded on May 4, 2022.

The sellers and signatories for both properties were Pasquale J. Coppolecchia and Amalia Coppolecchia through the entity Pamac Realty Corp.

The purchases were funded by two loans, a $6.5 million acquisition loan from Cedarhurst Equities LLC for 180 1st Avenue and a $4 million acquisition loan from Araam Capital LLC for 170 1st Avenue. Both lender equities are located at the same address but their owner is unclear.

The 180 First Avenue property has 9,913 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $807 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 seller bought the property on April 30, 2013, for $1.8 million.

The property 170 First Avenue has 8,495 square feet of built space and 400 square feet of additional air rights for a total buildable of 8,900 square feet according to PincusCo analysis of city data. The sale price per built square foot is $470 and the price per buildable square foot is $449 per the PincusCo analysis.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest sold value, which in this case, is the property on 180 1st Avenue.

Prior sales and revenue

The 9,913-square-foot property at 180 1st Avenue generated revenue of $472,760 or $48 per square foot, according to the most recent income and expense figures.

The 8,495-square-foot property at 170 1st Avenue generated revenue of $331,984 or $39 per square foot, according to the most recent income and expense figures.

The property

The 180 1st Avenue parcel has frontage of 23 feet and is 94 feet deep with a total lot size of 2,225 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2 million.

The 170 1st Avenue parcel has frontage of 23 feet and is 94 feet deep with a total lot size of 2,225 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against either property since September of 2020. In addition, according to city public data, the 180 1st Avenue property has received $630 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 neighborhood

In East Village, the bulk, or 35 percent of the 19.3 million square feet of commercial built space are residential walkup buildings, with residential elevator buildings next occupying 27 percent of the space. In sales, East Village has 2.1 times the average sales volume among other neighborhoods with $593.6 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods.It had 152,634 square feet of commercial and multi-family construction under development in the last two years, which represents 0.79 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of nine of the 43 commercial properties representing 79,785 square feet of the 339,657 square feet. The largest owner is Kushner Companies, followed by Meadow Partners and then Jessie Gupta. There are no active new building construction projects on this tax block.

The majority, or 67 percent of the 387,048 square feet of built space are residential walkup buildings, with specialty buildings next occupying 14 percent of the space.

Surrounding

Within a 400-foot radius of 180 1st Avenue, Pincusco identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, three were sales above $5 million totaling $26.4 million. The most recent of the three was Highpoint Property Group which bought the 6,697-square-foot, five-unit mixed-use building (S4) on 166 1st Avenue for $7 million from Joseph Giardina on February 1, 2022.
Of those 10 items, seven were loans above $5 million totaling $171.3 million. The most recent of the seven was Jonis Realty which borrowed $15 million from Signature Bank secured by the 10,212-square-foot, seven-unit mixed-use building (S5) on 167 1st Avenue and two other properties on April 13, 2022.

Direct link to Acris document. link

Direct link to Acris document. link