Buyer pays $4.5M for 20-unit walkup in Lower East Side
UPDATED 10:10 a.m, January 16, 2025: The entity 177 Chrystie Street LLC paid $4.5 million to Sam Chien through the entity Sm 177 Chrystie LLC for the 20-unit residential walkup building (C7) at 177 Chrystie Street in Lower East Side, Manhattan.
The deal closed on April 9, 2024 and was recorded on April 15, 2024. The property has 13,635 square feet of built space and 5,073 square feet of additional air rights for a total buildable of 18,702 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $330 and the price per buildable square foot is $240 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 seller bought the property on February 12, 2004, for $1.5 million. The signatory for Sam Chien was Sam Chien. The contract date was November 27, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sam Chien 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 Judy Cari, head officer and Michael Grunski, officer. The business entities are Alto Property Managers Llc and S M 177 Chrystie, Llc.
The property
The residential walkup building with 20 residential units in Lower East Side has 13,635 square feet of built space and 5,073 square feet of additional air rights for a total buildable of 18,702 square feet according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 25 feet deep with a total lot size of 2,487 square feet. The zoning is C6-3A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.2 million.
Violations and lawsuits
The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $7.2 million money judgment concerning a contract filed on October 7, 2022, by Yaacov Amar against Sam S. Chien. In that case, the plaintiff as contract vendee sought to terminate a $7.18 million contract based on alleged incorrect information in the contract. In addition, according to city public data, the property has received 22 housing violations, $550 in OATH penalties, and one housing litigation 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 23 commercial properties representing 202,781 square feet of the 395,418 square feet. The largest owner is Ricky Liang, followed by Hubb Nyc and then Edmond Li.
On the tax block, there were three new building construction projects totaling 102,574 square feet. The largest is a 78-unit, 58,161 square-foot residential (R-2) building submitted by Nexus Building Development Group and filed by Ben Harlev with plans filed August 21, 2018 and permitted January 3, 2020. The second largest is a 13-unit, 27,272 square-foot residential (R-2) building submitted by Hagay Azoulay with plans filed November 26, 2014 and permitted October 2, 2017.
The majority, or 29 percent of the 395,418 square feet of built space are elevator buildings, with hotel buildings next occupying 27 percent of the space.
UPDATED: The post was updated to remove a name for privacy reasons.
Direct link to Acris document. link