Huee Kyung Kwon pays $8M for retail condo in Tribeca, last sold for $1M in 2008
111 Hudson Street (Credit - Google)
Huee Kyung Kwon through the entity HK Property Development LLC paid $8 million to Giora Manor through the entity 111 Hudson Store LLC for retail condo at 111 Hudson Street in Tribeca, Manhattan.
The deal closed on June 28, 2022 and was recorded on July 12, 2022. The property has 8,376 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $955 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 seller bought the property on July 9, 2008, for $1 million. The signatory for Giora Manor was Giora Manor. The signatory for Huee Kyung Kwon was Huee Kyung Kwon. This is for commercial condo unit 1.
Prior sales and revenue
Prior to this transaction, Pincusco has no record that the buyer Huee Kyung Kwon had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Giora Manor had not purchased any other properties and had not sold any properties over the same time period.
The property
The 111 Hudson Street parcel has a total lot size of 8,376 square feet. The city-designated market value for the property in 2022 is $4.9 million.
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Violations and lawsuits
There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.
The neighborhood
In Tribeca, the bulk, or 41 percent of the 17.2 million square feet of commercial built space are office buildings, with residential elevator buildings next occupying 34 percent of the space. In sales, Tribeca has near average sales volume among other neighborhoods with $310.3 million in sales volume in the last two years and is the 29th highest in Manhattan. For development, Tribeca has 3.1 times the average amount of major developments relative to other neighborhoods and is the 7th highest in Manhattan. It had 3.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 18 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of one of the 19 commercial properties representing 24,700 square feet of the 261,033 square feet. The identified owner is Maxwell Seibald. There are no active new building construction projects on this tax block.
The majority, or 55 percent of the 300,896 square feet of built space are residential elevator buildings, with hotel buildings next occupying 25 percent of the space.
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