Jin Sup An pays $5M for retail on Lower East Side

Jin Sup An through the entity Soho New York Lodging, LLC paid $5 million to Josef Ohayon through the entity Kyla Real Estate Co. Ltd. for a retail building (K2) at 99 Stanton Street on the Lower East Side, Manhattan.
The deal closed on February 24, 2023 and was recorded on March 8, 2023. The property has 4,950 square feet of built space and 1,650 square feet of additional air rights for a total buildable of 6,600 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,010 and the price per buildable square foot is $757 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 Josef Ohayon was Josef Ohayon. The signatory for Jin Sup An was Jin Sup An.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jin Sup An purchased one property in one transaction for a total of $5 million and has no record it sold any properties over the past 24 months.
The seller Josef Ohayon had not purchased any other properties and had not sold any properties over the same time period. The 4,950-square-foot property generated revenue of $213,939 or $43 per square foot, according to the most recent income and expense figures.

The property

The 99 Stanton Street parcel has frontage of 22 feet and is 75 feet deep with a total lot size of 1,650 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 $1.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $600 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 $5 million on this tax lot.

The neighborhood

In Lower East Side, the bulk, or 50 percent of the 23.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Lower East Side has 1.4 times the average sales volume among other neighborhoods with $477.2 million in sales volume in the last two years and is the 26th highest in Manhattan. For development, Lower East Side has near average amount of major developments among other neighborhoods and is the 23rd highest in Manhattan. It had 1.2 million square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 12 of the 59 commercial properties representing 183,696 square feet of the 550,685 square feet. The largest owner is Usher Kahan, followed by Yucaipa Companies and then Thor Equities.
On the tax block, there was one new building construction project filed totaling 2,126 square feet. It is a N/A-unit, 2,126-square-foot M building developed by Hesky Haim with plans filed July 17, 2015 and it has not been permitted yet.

The majority, or 50 percent of the 515,045 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

The buyer

The PincusCo database currently indicates that Jin Sup An owned at least one commercial property in New York City with 5,802 square feet and a city-determined market value of $6.6 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

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