Forkosh Development Buys Kips Bay Trio of Buildings for $17M, Plans Condo

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Forkosh Development has purchased three small apartment buildings at 157-161 East 28th Street in Kips Bay for $17 million, the Commercial Observer has learned.

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The Soho-based firm headed by Alex Forkosh is planning to build a ground-up residential condominium on the site at the corner of Third Avenue, according to sources close to the deal. The all-cash sale closed last Friday.

The two three-story buildings and one four-story building hold three retail spaces and seven residential rental units total. All three structures are vacant.

The seller, Cheng Li Family Partnership, had owned the three buildings since 1986, public records show.

Itan Rahmani and Soly Halabi of Venture Capital Properties represented both sides in the recent sale and declined to comment. Neither the buyer nor the seller returned requests for comment.

This will be Forkosh’s second development in the neighborhood. His first was Theater House, a 23-story, 108-unit rental building completed in 2015 at 237 East 34th Street between Second and Third Avenues. He sold the property last month to the Gilar Group for $110 million.