Danny Guo pays $4.6M for adjacent LES walkups

Danny Guo paid $4.6 million to Hing Yiu Ng and Siu Man Ng for adjacent walkup buildings at 217-19 Madison Street in the Lower East Side of Manhattan in two separate transactions.

In the first, Danny Guo through the entity 217-219 Madison Realty LLC paid $2.3 million to Hing Yiu Ng and Siu Man Ng through the entity 217-219 Madison Street Corp. for the 20-unit residential walkup building (C7) at 219 Madison Street in Lower East Side, Manhattan.
The deal closed on January 12, 2024 and was recorded on January 18, 2024. The property has 10,231 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $224 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.)

In the second, Danny Guo through the entity 217-219 Madison Realty LLC paid $2.3 million to Hing Yiu Ng and Siu Man Ng through the entity 217-219 Madison Street Corp. for the 20-unit residential walkup building (C7) at 217 Madison Street in Lower East Side, Manhattan. The deal closed on January 12, 2024 and was recorded on January 18, 2024. The property has 10,230 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $224 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 Hing Yiu Ng and Siu Man Ng was Siu Man Ng. The signatory for Danny Guo was Danny Guo. The contract date was November 29, 2023. Danny Guo is the CEO, according to state corporation records.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Danny Guo purchased one property in one transaction for a total of $4.1 million and has no record it sold any properties over the past 24 months.
The seller Hing Yiu Ng had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Siu Ng, head officer. The business entity is 217-219 Madison St Corp.

The property

The residential walkup building with 20 residential units in Lower East Side has 10,231 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,611 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 $1.6 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 $50 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 five of the 23 commercial properties representing 47,276 square feet of the 236,258 square feet. The largest owner is Thomas Schott, followed by Ming Lam and then Huo Lo.
There are no active new building construction projects on this tax block.

The majority, or 93 percent of the 236,258 square feet of built space are walkup buildings, with elevator buildings next occupying 4 percent of the space.

The buyer

The PincusCo database currently indicates that Danny Guo owned at least one commercial property with nine residential units in New York City with 7,625 square feet and a city-determined market value of $1.4 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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