MOVCAP pays $5.2M to Kokot Realty for 13-unit walkup in Upper West Side

Lawrence Movtady’s Movcap through the entity W 85th Street Holdco LLC paid $5.2 million to Kokot Realty Enterprises through the entity 85 West Associates, L.P. for the 13-unit residential walkup building (C1) at 211 West 85th Street in Upper West Side, Manhattan.
The deal closed on January 29, 2024 and was recorded on February 7, 2024. The property has 13,015 square feet of built space and 1,287 square feet of additional air rights for a total buildable of 14,304 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $403 and the price per buildable square foot is $367 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 Kokot Realty Enterprises was Arthur Kokot. The signatory for Movcap was Lawrence Movtady. The contract date was November 13, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Movcap purchased five properties in two transactions for a total of $21.2 million and has no record it sold any properties over the past 24 months.
The seller Kokot Realty Enterprises had not purchased any other properties and sold 12 properties in 10 transactions for a total of $74.3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Arthur Kokot, head officer and Patrick Gilroy, site manager. The business entity is 85 West Associates, Lp.

The property

The residential walkup building with 13 residential units in Upper West Side has 13,015 square feet of built space and 1,287 square feet of additional air rights for a total buildable of 14,304 square feet according to a PincusCo analysis of city data. The parcel has frontage of 35 feet and is 102 feet deep with a total lot size of 3,576 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.3 million. The most recent loan totaled $13.2 million and was provided by New York Community Bank on December 13, 2021.

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 not received any significant violations 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 five of the 10 commercial properties representing 151,930 square feet of the 556,517 square feet. The largest owner is Lynne Dintrone, followed by Kokot Realty Enterprises and then Ivan Stux.
There are no active new building construction projects on this tax block.

The majority, or 63 percent of the 556,517 square feet of built space are elevator buildings, with hotel buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Kokot Realty Enterprises owned at least four commercial properties with 70 residential units in New York City with 78,709 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 65 percent of the 78,709 square feet of built space are elevator properties, with walkup properties next occupying 35 percent of the space. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Movcap owned at least seven commercial properties with 65 residential units in New York City with 58,468 square feet and a city-determined market value of $32.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 89 percent of the 58,468 square feet of built space are walkup properties, with mixed-use properties next occupying 11 percent of the space. They are all located in Manhattan.

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