Jingling Tan pays $8.5M for commercial in Lower East Side

Jingling Tan through the entity 90 Ludlow Real Estate LLC paid $8.5 million to Vivien Lau and Shuk Yin Wong through the entity S&L Ludlow Realty Inc. for the office building (O5) at 90 Ludlow Street in Lower East Side, Manhattan.
The deal closed on March 6, 2024 and was recorded on March 28, 2024. The property has 18,319 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $463 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 Vivien Lau and Shuk Yin Wong was Vivien Lau and Shuk Yin Wong. The signatory for Jingling Tan was Jingling Tan. The contract date was November 10, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Jingling Tan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vivien Lau had not purchased any other properties and had not sold any properties over the same time period.

The property

The office building in Lower East Side has 18,319 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 176 feet deep with a total lot size of 4,169 square feet. The lot is irregular. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $2.8 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 $380 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 Lower East Side, The majority, or 51 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 1.6 times the average sales volume among other neighborhoods with $462.3 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Lower East Side has 1.2 times the average amount of major developments relative to other neighborhoods and is the 24th highest in Manhattan. It had 1.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 19 commercial properties representing 101,504 square feet of the 240,350 square feet. The largest owner is Xiao Ling Huang, followed by Softstone Development and then Seth Levine.
On the tax block, there were two new building construction projects totaling 171,121 square feet. The largest is a 55-unit, 139,135 square-foot residential (R-2) building submitted by Taconic Partners and filed by Peter Febo with plans filed September 11, 2014 and permitted March 15, 2016. The second largest is a 41-unit, 31,986 square-foot residential (R-2) building submitted by Sharon Huang with plans filed March 23, 2020 and it has not been permitted yet.

The majority, or 58 percent of the 240,350 square feet of built space are walkup buildings, with office buildings next occupying 19 percent of the space.

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