Professional photographer pays $3.5M to Goldberg Group for retail in Midtown East

Professional photographer Joshua Kessler through the entity Ojoro Real Estate, LLC paid $3.5 million to Goldberg Group through the entity 211 E 46 LLC for the retail condo at 211 East 46th Street in Midtown East, Manhattan.
The deal closed on June 28, 2023 and was recorded on August 11, 2023. The property has 2,474 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,414 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 January 31, 2013, for $3.3 million. The signatory for Goldberg Group was Joshua Goldberg. The signatory for Joshua Kessler was Joshua M. Kessler. The contract date was May 19, 2023. Joshua Kessler is a professional photographer.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Joshua Kessler had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Goldberg Group had not purchased any other properties and sold four properties in one transaction for a total of $3 million over the same time period.

The property

The retail condo in Midtown East has 2,474 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 2,474 square feet. The city-designated market value for the property in 2022 is $1.2 million.

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 neighborhood

In Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $3.5 billion in sales volume in the last two years. For development, Midtown East is the 2nd most active neighborhood among other neighborhoods. It had 16.9 million square feet of commercial and multi-family construction under development in the last two years, which represents 27 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other retail buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of two of the seven commercial properties representing 56,486 square feet of the 485,722 square feet. The identified owner is Manocherian Brothers.
There are no active new building construction projects on this tax block.

The majority, or 87 percent of the 485,722 square feet of built space are office buildings, with elevator buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Goldberg Group owned at least three commercial properties with five residential units in New York City with 30,328 square feet and a city-determined market value of $12.6 million. (Market value is typically about 50% of actual value.) The portfolio has $78.9 million in debt, borrowed from Signature Bank. Within the portfolio, the bulk, or 62 percent of the 30,328 square feet of built space are retail properties, with mixed-use properties next occupying 38 percent of the space. The bulk, or 62 percent of the built space, is in Queens, with Manhattan next at 38 percent of the space.

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