Audrey Pastorek pays $3.5M to Davis Tong for mixed-use in Lower East Side

Audrey Pastorek through the entity 197 Henry Street LLC paid $3.5 million to Davis Tong through the entity Miracle 8 Realty Corp. for the three-unit mixed-use building (S3) at 197 Henry Street in Lower East Side, Manhattan. The expected use is cash flowing.

On the lot, there is one active major alteration construction project, M01213346, to expand the size of the existing three-unit building to a 6,643-square-foot RES building. The project was submitted by Max Cutler with plans filed July 3, 2025 and it has not been permitted yet.
The deal closed on September 15, 2025 and was recorded on September 22, 2025. The property has 5,000 square feet of built space and 2,576 square feet of additional air rights for a total buildable of 7,574 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $705 and the price per buildable square foot is $465 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 Davis Tong was Brett Stack . The contract date was April 15, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Audrey Pastorek purchased one property in one transaction for a total of $2.5 million and has no record it sold any properties over the past 24 months.
The seller Davis Tong had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 3 residential units in Lower East Side has 5,000 square feet of built space and 2,576 square feet of additional air rights for a total buildable of 7,574 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 87 feet deep with a total lot size of 2,202 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.2 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 received $250 in OATH penalties in the last year.

The neighborhood

In Lower East Side, The majority, or 51 percent of the 23.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Lower East Side has 1.8 times the average sales volume among other neighborhoods with $514.4 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Lower East Side has had very little major development activity relative to other neighborhoods.It had 647,810 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 15 commercial properties representing 94,879 square feet of the 133,927 square feet. The largest owner is Hui Zhen Wang, followed by Mike Kui Kam Tong and then Peter Goodman.
On the tax block, there was one new building construction project filed totaling 20,457 square feet. It is a 10-unit, 20,457 square-foot residential (R-2) building submitted by Jeffrey Jacobs and filed by Daniel Wise with plans filed October 20, 2015 and permitted April 25, 2017.

The majority, or 46 percent of the 133,927 square feet of built space are walkup buildings, with elevator buildings next occupying 36 percent of the space.

The buyer

The PincusCo database currently indicates that Audrey Pastorek owned at least one commercial property with two residential units in New York City with 3,114 square feet and a city-determined market value of $2.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single B1 property. It is located in Brooklyn.

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