MOVCAP pays $13.2M to Mark Fischler for two properties in MANHATTAN

MOVCAP through the entity E. Houston Property Owner LLC paid $13.2 million to Mark Fischler through the entity Tdj Holdings LLC for eight-unit rental (C7) at 51 East Houston Street in Nolita, Manhattan and eight-unit industrial (U7) at 217 East Houston Street in Lower East Side, Manhattan.
The deal closed on September 20, 2021 and was recorded on October 7, 2021.
The two properties have 18,445 square feet of built space and 14,770 square feet of additional air rights for a total buildable of 33,220 square feet according to PincusCo analysis of city data. The sale price per built square foot is $715 and the price per buildable square foot is $397 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 Mark Fischler was Robert S. Frankel. The signatory for MOVCAP was Moshe Khoshkheraman and Lawrence Movtady.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $24,000.
Lawrence Movtady is the founder of MOVCAP.  Mark Fischler is a signatory for a previous loan on the property. He owns TDJ Properties LLC.
The former owners according to the Department of Housing Preservation and Development included Mark Fisher, head officer and Mark Fischler, officer. The business entities were Brownstone Professional Services Corp and Tdj Holdings, Llc.

Within a 400-foot radius of 51 East Houston Street, PincusCo identified 12 commercial real estate items of interests occurred over the past 24 months.
Of those 12 items, seven were sales above $5 million totaling $99.6 million. The most recent of the seven was Lior Isaac Amram which bought one condo unit in the 2,654-square-foot, one-unit condo building (R4) on 40 Bleecker Street and one other property for $11.1 million from Broad Street Development on October 6, 2021.
Of those 12 items, five were loans above $5 million totaling $135.0 million. The most recent of the five was Peter Goodman which borrowed $6.8 million from JPMorgan Chase secured by the 6,720-square-foot, five-unit rental (C4) on 288 Mulberry Street and two other properties on June 14, 2021.

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