Jeffrey Lam of Lam Generation pays $29M for bankrupt property in Chinatown

Jeffrey Lam of Lam Generation through the entity LG Chrystie LLC paid $28.6 million for Gary Tse’s C.T.W. Realty Corp.’s 55 Chrystie Street in Chinatown. The deal closed on April 13, 2020, and was recorded on April 22, 2020. The transaction consists of 1 parcel, including the tax class office building with commercial with one to six stories (O5). The property is 41,872 square feet. The parcel(s) have total development potential of 41,872 square feet.
The average sale price per square foot is $683.

The building was sold through a bankruptcy auction. Traded NY reported the broker as Rosewood Realty Group’s Corbin Group composed of Greg Corbin, Aaron Kline, Chaya Milworn, Brandon Serota, Elliot Haft.

Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 4 renovation/alteration projects (A2) applied for with a total estimated value of $154,620.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link