Fuxing Lin pays $4.5M for industrial in Chinatown

Fuxing Lin through the entity WKN Realty LLC paid $4.5 million to Yik Pui Kong through the entity Wing Kei Property Inc. for the industrial building (F9) at 102 Canal Street in Chinatown, Manhattan.
The deal closed on March 26, 2024 and was recorded on April 16, 2024. The property has 8,758 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $516 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 Yik Pui Kong was Yik Pui Kong. The signatory for Fuxing Lin was Fuxing Lin. The contract date was January 18, 2024. The records show two contract dates, 1/18/2024 and 3/3/2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Fuxing Lin had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yik Pui Kong had not purchased any other properties and had not sold any properties over the same time period.

The property

The industrial building in Chinatown has 8,758 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 2,504 square feet. The city-designated market value for the property in 2022 is $1.2 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 $350 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 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 $113.7 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 528,490 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 15 commercial properties representing 21,997 square feet of the 124,971 square feet. The largest owner is Hui Chen, followed by Hooshang Sohayegh and then Ben Asher.
There are no active new building construction projects on this tax block.

The majority, or 83 percent of the 124,971 square feet of built space are walkup buildings, with mixed-use buildings next occupying 10 percent of the space.

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