Timothy Mohen pays $25M to Laub Realty for three properties in Kips Bay

Timothy Mohen through the entity 419-423 Third Avenue, LLC paid $25 million to Laub Realty through the entity Marion Ave. LLC for the 13-unit residential walkup building at 419 Third Avenue in Kips Bay, Manhattan, eight-unit residential walkup building at 423 Third Avenue in Kips Bay, Manhattan, and six-unit mixed-use building at 421 Third Avenue in Kips Bay, Manhattan.
The deal closed on January 21, 2022 and was recorded on February 3, 2022.
The three properties have 28,476 square feet of built space and 53,109 square feet of additional air rights for a total buildable of 81,600 square feet according to PincusCo analysis of city data. The sale price per built square foot is $877 and the price per buildable square foot is $306 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 Laub Realty was Michael Laub. The signatory for Timothy Mohen was Allison Murray.

The three properties with a total of 28,476 square feet of built space generated revenue of $1.3 million per year or $46 per square foot. The sale price per square foot was $878.

Laub Realty is located at the same address as seller LLC. The brokers are George Pektor, Brandon Harris, Bryan Manz, Emil DePasquale of Black Bear Capital Partners, according to Traded NY.  Timothy Mohen, who signed the acquisition loan, is the CEO of Trade Supply Group. Trade Supply Group is located at the same address as the buyer LLC as shown on the loan.
In Kips Bay, the majority, or 56 percent of the 26.9 million square feet of built space are residential elevator buildings, with specialty buildings next occupying 29 percent of the space. In sales, Kips Bay has 2.5 times the average sales volume among other neighborhoods with $688.3 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, Kips Bay has had very little major development activity relative to other neighborhoods.It had 624,586 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space. There were four pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.
On the tax block, the majority, or 65 percent of the 416,691 square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 22 percent of the space.
The former owners according to the Department of Housing Preservation and Development included Michael Laub, head officer and David Kule, agent. The business entities were Marion Ave Llc and Marion Ave Llc.
Within a 400-foot radius of 419 Third Avenue, PincusCo identified 10 commercial real estate items of interests occurred over the past 24 months.
Of those 10 items, one was for major renovation including a certificate of occupancy change. It was a permit issued on May 12, 2021 for the $673,000 renovation of 801-square-foot R-2 building with five residential units at 212 East 30th Street.
Of those 10 items, three were sales above $5 million totaling $22.8 million. The most recent of the three was Witnick Real Estate Partners which bought the 9,460-square-foot, 15-unit rental (C7) on 212 East 29th Street for $6.2 million from Matthew M. Nalbandian on January 12, 2022.
Of those 10 items, six were loans above $5 million totaling $147.9 million. The most recent of the six was H & K Management which borrowed $26 million from Signature Bank secured by the 64,245-square-foot, 73-unit rental (D6) on 443 3rd Avenue on December 8, 2021.

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