Evan Yu-Dong Lee pays $2.4M for mixed-use on small lot in Chinatown

Evan Yu-Dong Lee and Jenny Gui Zhen Huang through the entity CJE 8811, LLC paid $2.4 million to Mailan Lee through the entity Jolania Properties, Inc. for the mixed-use building (K4) at 10 Mott Street in Chinatown, Manhattan. The lot is only 21.75 feet of frontage by 36.58 feet of depth, about a third of the size of the what is typically the smallest lot size of 20 feet by 100 feet.
The deal closed on June 11, 2024 and was recorded on June 26, 2024. The property has 2,911 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $824 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 Mailan Lee was David Eng. The signatory for Evan Yu-Dong Lee and Jenny Gui Zhen Huang was Evan Yu-Dong Lee. The contract date was February 9, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Evan Yu-Dong Lee had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Mailan Lee had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 1 residential units in Chinatown has 2,911 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 36 feet deep with a total lot size of 726 square feet. The lot is irregular. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $570,000.

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 not received any significant 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 neighborhood

In Chinatown, The bulk, or 36 percent of the 8.4 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 $126.6 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 404,060 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 45 commercial properties representing 18,805 square feet of the 398,209 square feet. The two identified owners are William Ng and Manouchehr Malekan.
There are no active new building construction projects on this tax block.

The majority, or 31 percent of the 398,209 square feet of built space are office buildings, with walkup buildings next occupying 28 percent of the space.

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