Alex Kim buys out partners for $8M at 10-unit walkup in Lincoln Square

Alex Kim through the entity SJ Marketing And Management LLC paid $8 million to buy out partners at the 10-unit residential walkup building (C1) at 307 West 71st Street in Lincoln Square, Manhattan.
The deal closed on July 24, 2023 and was recorded on August 4, 2023. The property has 4,960 square feet of built space and 1,568 square feet of additional air rights for a total buildable of 6,536 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,612 and the price per buildable square foot is $1,223 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.)

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Sung Yoon Kim, individual owner and Alex Kim, site manager.

The property

The parcel has frontage of 16 feet and is 102 feet deep with a total lot size of 1,634 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the West 71st Street Historic District. The city-designated market value for the property in 2022 is $2.8 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 received $10,000 in ECB penalties and $11,000 in OATH penalties 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 six of the 17 commercial properties representing 34,938 square feet of the 103,598 square feet. The largest owner is GPS Realty NYC, followed by Jon Birge & Miriam Birge and then Krish Shiwdin.
There are no active new building construction projects on this tax block.

The majority, or 73 percent of the 103,598 square feet of built space are walkup buildings, with elevator buildings next occupying 21 percent of the space.

Direct link to Acris document. link