PMac’s Hospitality Group pays $7.5M for two properties in Times Square

PMac’s Hospitality Group through the entity Lucky Mac’s Realty LLC paid $7.5 million to Frank Kodza through the entity Bekim-Ferit Corp. for the six-unit mixed-use building (S5) at 142 West 46th Street and the eight-unit residential elevator building (D6) at 140 West 46th Street in Times Square, Manhattan. The expected use is cash flowing.
The deal closed on April 29, 2026 and was recorded on June 5, 2026. The two properties have 12,675 square feet of built space and 17,454 square feet of additional air rights for a total buildable of 30,120 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $591 and the price per buildable square foot is $249 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 Frank Kodza was Ferit Kodza . The signatory for PMac’s Hospitality Group was Michael McNamee . The contract date was January 23, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer PMac’s Hospitality Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Frank Kodza had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Isen Kodza, head officer and Rifat Kodza, officer. The business entity is Bekim Ferit Corp. Out of the two properties, one with a total of 12,675 square feet of built space generated revenue of $343,715 per year.

The property

The residential elevator building with 8 residential units in Times Square has 12,675 square feet of built space and 17,454 square feet of additional air rights for a total buildable of 30,120 square feet according to a PincusCo analysis of city data. The parcel has frontage of 15 feet and is 100 feet deep with a total lot size of 1,506 square feet. The zoning is C6-5.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $3 million. The property has 5 rent regulated units according to city tax records from 2024.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $7.5 million commercial foreclosure concerning a loan filed on January 20, 2025, by Alma Bank against Rifat Kodza. In addition, according to city public data, the properties have received two DOB violations and $2,000 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the two buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 140 West 46th Street, PincusCo has identified the owners of 11 of the 21 commercial properties representing 1,511,822 square feet of the 1,761,684 square feet. The largest owner is Beacon Capital Partners, followed by Abu Dhabi Investment Authority and then Chartres Lodging Group.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 1.8 million square feet of built space are office buildings, with hotel buildings next occupying 31 percent of the space.

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