Aziz Kabbaj pays $6.3M for 22-unit walkup in Lower East Side

Aziz Kabbaj through the entity 191 Henry Rp LLC paid $6.3 million to Velda Lee through the entity Kyra Group Inc. for the 22-unit residential walkup building (C7) at 191 Henry Street in Lower East Side, Manhattan.
The deal closed on June 28, 2023 and was recorded on July 11, 2023. The property has 9,810 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $647 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 Velda Lee was Velda Lee. The signatory for Aziz Kabbaj was Aziz Kabbaj.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Aziz Kabbaj had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Velda Lee had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Kok Kit Lee, head officer and Velda Lee, officer. The business entity is Kyra Group Inc.

The property

The residential walkup building with 22 residential units in Lower East Side has 9,810 square feet of built space 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 2,188 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 four DOB 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 block

On this tax block, PincusCo has identified the owners of seven of the 15 commercial properties representing 53,224 square feet of the 133,927 square feet. The largest owner is Peter Goodman, followed by Miriam Chan and then Mike Kui Kam Tong.
On the tax block, there were two new building construction projects totaling 29,000 square feet. The largest is a 10-unit, 20,457 square-foot residential (R-2) building submitted by Daniel Wise with plans filed October 20, 2015 and permitted April 25, 2017. The second largest is a 10-unit, 8,543 square-foot residential (R-2) building submitted by David Cheng with plans filed August 15, 2011 and permitted January 29, 2014.

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.

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