Haitau Bian pays $7M to Man Hei Li for dev site in Garment District

Haitau Bian through the entity 355 Hudson Yard LLC paid $7 million to Man Hei Li through the entity 355 39th Street LLC for the mixed-use building 355 West 39th Street in Garment District, Manhattan. The building is divided into 10 condominium units composed of two commercial and eight residential. Yimby in 2019 reported plans for a 25-unit, 19,255 square-foot residential R-2 were filed on May 15, 2019.
The deal closed on January 7, 2022 and was recorded on January 21, 2022.
The 10 properties have 8,413 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $837 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 Man Hei Li was Man Hei Li. The signatory for Haitau Bian was Haitau Bian.

In Garment District, the majority, or 69 percent of the 53 million square feet of built space are office buildings, with hotel buildings next occupying 12 percent of the space. In sales, Garment District has 4.1 times the average sales volume among other neighborhoods with $1.1 billion in sales volume in the last two years and is the 9th highest in Manhattan. For development, Garment District has had very little major development activity relative to other neighborhoods.It had 561,900 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 72 percent of the 1.6 million square feet of built space are hotel buildings, with office buildings next occupying 19 percent of the space.
Within a 400-foot radius of 355 West 39th Street, PincusCo identified 13 commercial real estate items of interests occurred over the past 24 months.
Of those 13 items, three were sales above $5 million totaling $513.8 million. The most recent of the three was Magna Hospitality Group which bought the 179,130-square-foot, one-unit hotel (H1) on 350 West 39th Street for $166.5 million from McSam Hotel Group on October 1, 2021.
Of those 13 items, 10 were loans above $5 million totaling $849.5 million. The most recent of the 10 was Falcon Properties which borrowed $18 million from First Republic Bank secured by the 110,188-square-foot, 155-unit office building (O6) on 325 West 38th Street and two other properties on October 8, 2021.

Direct link to Acris document. link