Jason Park, Dai Park pay $7M to Townhouse Property Group for 11-unit walkup in Yorkville

Jason S. Park and Dai Park through the entity JP Corban LLC paid $7 million to Townhouse Property Group through the entity 300 East 61st Street, LLC for the 11-unit residential walkup building (C4) at 532 East 83rd Street in Yorkville, Manhattan.
The deal closed on January 3, 2024 and was recorded on January 9, 2024. The property has 8,230 square feet of built space and 1,992 square feet of additional air rights for a total buildable of 10,216 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $844 and the price per buildable square foot is $680 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 November 12, 2013, for $4.5 million. The signatory for Townhouse Property Group was Sean Lavin. The contract date was November 9, 2023.

Jason S. Park, also known as Jung S. Park, was a partner with Dai Park in the entity JP Corban LLC which sold 143 Berry Street in November 2023 for $8.2 million.

Prior sales and revenue

The seller Townhouse Property Group had not purchased any other properties and sold one property in one transaction for a total of $44 million over the past 24 months. The former owners according to the Department of Housing Preservation and Development include Sean Lavin, head officer and David Nelson, site manager. The business entity is 532 East 83rd Street Llc.

The property

The residential walkup building with 11 residential units in Yorkville has 8,230 square feet of built space and 1,992 square feet of additional air rights for a total buildable of 10,216 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 102 feet deep with a total lot size of 2,554 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.8 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 $400 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 12 of the 20 commercial properties representing 115,912 square feet of the 256,969 square feet. The largest owner is Viking Management, followed by Sherwood Salvan and then S.W. Management.
There are no active new building construction projects on this tax block.

The majority, or 54 percent of the 256,969 square feet of built space are walkup buildings, with specialty buildings next occupying 32 percent of the space.

The seller

The PincusCo database currently indicates that Townhouse Property Group owned at least seven commercial properties with 50 residential units in New York City with 41,111 square feet and a city-determined market value of $17.6 million. (Market value is typically about 50% of actual value.) The portfolio has $12.5 million in debt, borrowed from Maxim Capital Group and Dime Community Bank. Within the portfolio, the bulk, or 55 percent of the 41,111 square feet of built space are mixed-use properties, with walkup properties next occupying 45 percent of the space. They are all located in Manhattan.

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