Hueekyung Kwon pays $8.7M for retail in Yorkville

Hueekyung Kwon through the entity Hk 86 Development LLC paid $8.7 million to Michael N. Appell through the entity East 86th Street, LLC for the retail condo at 225 East 86th Street in Yorkville, Manhattan.
The deal closed on December 13, 2022 and was recorded on December 22, 2022. The property has 5,693 square feet of built space according to the PincusCo analysis of city data. The sale price per built square foot is $1,528 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 Michael N. Appell was Michael Appell. The signatory for Hueekyung Kwon was Hueekyung Kwon. Michael N. Appell is identified as president of the owner entity in a 2004 document.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Hueekyung Kwon had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Michael N. Appell had not purchased any other properties and had not sold any properties over the same time period.

The property

The 225 East 86th Street parcel has a total lot size of 5,693 square feet. The city-designated market value for the property in 2022 is $5.7 million.

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 Yorkville, the majority, or 60 percent of the 26.5 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Yorkville has 2.1 times the average sales volume among other neighborhoods with $720.9 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Yorkville has near average amount of major developments among other neighborhoods and is the 24th highest in Manhattan. It had 1 million square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of seven of the 13 commercial properties representing 422,236 square feet of the 719,631 square feet. The largest owner is KLM Equities, followed by Jerome A. Ornstein and then Christopher Wetherhill.
There are no active new building construction projects on this tax block.

The majority, or 82 percent of the 713,938 square feet of built space are elevator buildings, with walkup buildings next occupying 16 percent of the space.

Direct link to Acris document. link