Jason Wang pays $6.6M for mixed-use in Midtown West

Jason Wang through the entity Shuyuanmen LLC paid $6.6 million to Vito Vicari through the entity Borgetto, P.N.A., Inc. for the four-unit mixed-use building (S9) at 60 West 45th Street in Midtown West, Manhattan.
The deal closed on September 29, 2023 and was recorded on October 10, 2023. The property has 6,216 square feet of built space and 13,346 square feet of additional air rights for a total buildable of 19,570 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,061 and the price per buildable square foot is $337 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 Vito Vicari was Vito Vicari. The signatory for Jason Wang was Jason Wang. The contract date was July 13, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jason Wang purchased four properties in three transactions for a total of $11.7 million and has no record it sold any properties over the past 24 months.
The seller Vito Vicari had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Antonino Vicari, head officer and Anthony Vicari, officer. The business entity is Borgetto Pna Corp.

The property

The mixed-use building with 4 residential units in Midtown West has 6,216 square feet of built space and 13,346 square feet of additional air rights for a total buildable of 19,570 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 100 feet deep with a total lot size of 1,957 square feet. The zoning is C6-4.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $3 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 Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 3rd highest sale turnover among other neighborhoods in the city with $2.8 billion in sales volume in the last two years. For development, Midtown West is the 2nd most active neighborhood among other neighborhoods. It had 18.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 24 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 10 of the 21 commercial properties representing 871,710 square feet of the 1,561,700 square feet. The largest owner is Triumph Hotels, followed by Stellar Services and then Stella Sapienza.
On the tax block, there was one new building construction project filed totaling 138,345 square feet. It is a 310-unit, 138,345 square-foot hotel/dormitory/shelter (R-1) building submitted by Fortuna Realty Group and filed by Morris Moinian with plans filed October 2, 2015 and permitted October 6, 2021.

The majority, or 49 percent of the 1.6 million square feet of built space are office buildings, with hotel buildings next occupying 45 percent of the space.

The buyer

The PincusCo database currently indicates that Jason Wang owned at least four commercial properties with three residential units in New York City with 11,303 square feet and a city-determined market value of $2.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 54 percent of the 11,303 square feet of built space are office properties, with industrial properties next occupying 29 percent of the space. The bulk, or 54 percent of the built space, is in Queens, with Brooklyn next at 46 percent of the space.

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