Jin E. An pays $5.3M for mixed-use in East Village

Jin E. An through the entity SMA Ave A LLC paid $5.3 million to the entity 81 Avenue A LLC for the four-unit mixed-use building (S4) at 81 Avenue A in the East Village, Manhattan.
The deal closed on November 13, 2023 and was recorded on November 21, 2023. The property has 7,544 square feet of built space and 2,380 square feet of additional air rights for a total buildable of 9,920 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $702 and the price per buildable square foot is $534 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 the seller, the family of Margarita Fuksman, was Abraham George. The signatory for Jin E. An was Jin E. An. The contract date was September 18, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jin E. An had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Margarita Fuksman 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 Margarita Fuksman, individual owner and Abdur Rashid, site manager.

The property

The mixed-use building with 4 residential units in East Village has 7,544 square feet of built space and 2,380 square feet of additional air rights for a total buildable of 9,920 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,480 square feet. The lot is irregular. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4.7 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 $10,750 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 East Village, The bulk, or 44 percent of the 15.5 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, East Village has 1.8 times the average sales volume among other neighborhoods with $627.4 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods.It had 408,357 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

There are no active new building construction projects on this tax block.

All properties are mixed-use.

Direct link to Acris document. link