Care For the Homeless pays $16.5M to Glenn Lau-Kee for hotel in Chinatown

Care For the Homeless through the entity CFH 91 East Broadway Housing Development Fund Corp paid $16.5 million to Glenn Lau-Kee through the entity Dragon Realty, LLC for the hotel building (H3) at 91 East Broadway in Chinatown, Manhattan.
The deal closed on December 29, 2022 and was recorded on January 17, 2023. The property has 38,961 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $423 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 Glenn Lau-Kee was Glenn Lau-Kee. The signatory for Care For the Homeless was George Nashak. The contract date was December 31, 2020, according to the transfer records.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Care For the Homeless had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Glenn Lau-Kee had not purchased any other properties and sold one property in one transaction for a total of $4.9 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Mailan Lee, head officer. The business entity is Hotel 91 Inc.

The property

The 91 East Broadway parcel has frontage of 25 feet and is 175 feet deep with a total lot size of 5,730 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $8.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $1,800 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 $5 million on this tax lot.

The neighborhood

In Chinatown, the bulk, or 35 percent of the 8.5 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space. In sales, Chinatown has had very little sales volume relative to other neighborhoods with $142.1 million in sales volume in the last two years. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 442,541 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 71 commercial properties representing 19,770 square feet of the 413,469 square feet. The two identified owners are Lodavid and Eric Lau.
On the tax block, there was one new building construction project filed totaling 63,732 square feet. It is a 63,732-square-foot B building developed by Shing Wah Yeung with plans filed August 14, 2015 and permitted August 29, 2016.

The majority, or 32 percent of the 314,975 square feet of built space are retail buildings, with hotel buildings next occupying 30 percent of the space.

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