Farhad Hanasab pays $6.8M for 35-unit walkup in Little Italy

Farhad Hanasab through the entity 119 Elizabeth Street, LLC paid $6.8 million to Iris Toy Hung Eng Ong and Patricia Eng through the entity Mee Lun Realty Corp. for the 35-unit residential walkup building (C7) at 119 Elizabeth Street in Little Italy, Manhattan.
The deal closed on June 6, 2024 and was recorded on June 12, 2024. The property has 18,950 square feet of built space and 9,292 square feet of additional air rights for a total buildable of 28,251 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $358 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 signatory for Iris Toy Hung Eng Ong and Patricia Eng was Patricia Eng. The signatory for Farhad Hanasab was Farhad Hanasab. The contract date was April 16, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Farhad Hanasab had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Iris Toy Hung Eng Ong 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 Patricia Eng, head officer and Iris Eng, officer. The business entity is Mee Lun Realty Corp.

The property

The residential walkup building with 35 residential units in Little Italy has 18,950 square feet of built space and 9,292 square feet of additional air rights for a total buildable of 28,251 square feet according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 94 feet deep with a total lot size of 4,693 square feet. The city-designated market value for the property in 2022 is $1.7 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 $100 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 11 of the 35 commercial properties representing 140,076 square feet of the 453,804 square feet. The largest owner is William Gottlieb Real Estate, followed by Lau Management and then Jing Cheng Realty Inc..
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 453,804 square feet of built space are walkup buildings, with hotel buildings next occupying 18 percent of the space.

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