Jeremy Conway, David Schlachet pay $2.5M for 8-unit walkup in Lower East Side

Jeremy Conway and David Schlachet through the entities 286 Broome JC Realty LLC and 286 Broome DS Realty LLC paid $2.5 million to Yau Wah Lam, Tin Tam Chang, and Ming F. Cheung for the eight-unit residential walkup building (C4) at 286 Broome Street in Lower East Side, Manhattan.
The deal closed on August 28, 2023 and was recorded on September 1, 2023. The property has 10,779 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $236 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 signatories for Yau Wah Lam, Tin Tam Chang, and Ming F. Cheung were Yau Wah Lam, Tin Tam Chang, and Ming F. Cheung. The signatories for Jeremy Conway and David Schlachet were Jeremy Conway and David Schlachet. The contract date was June 22, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jeremy Conway had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Yau Wah Lam 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 Yau Wah Lam, joint owner and Tin Tam Chang, joint owner.

The property

The residential walkup building with eight residential units in Lower East Side has 10,779 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 102 feet deep with a total lot size of 2,236 square feet. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.6 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 two DOB violations, $14,250 in ECB penalties, seven housing violations, and $29,985 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 six of the 22 commercial properties representing 79,588 square feet of the 233,036 square feet. The largest owner is Ricky Liang, followed by Peter Liang and then Morris And Michael Tepler.
There are no active new building construction projects on this tax block.

The majority, or 86 percent of the 233,036 square feet of built space are walkup buildings, with elevator buildings next occupying 9 percent of the space.

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