Khaloyan, Esshaghian pay $4.8M for 8-unit walkup in Chinatown

David Khaloyan and Benjamin Esshaghian through the entity 36 Orchard, LLC paid $4.8 million to Jackson Mak through the entity 36 Re, LLC for the eight-unit residential walkup building (C7) at 36 Orchard Street in Chinatown, Manhattan. The expected use is cash flowing.
The deal closed on May 5, 2025 and was recorded on May 13, 2025. The property has 6,300 square feet of built space and 1,362 square feet of additional air rights for a total buildable of 7,663 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $753 and the price per buildable square foot is $619 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 Jackson Mak was Jackson Mak. The signatory for David Khaloyan and Benjamin Esshaghian was Edward J. Bullard Jr. . The contract date was January 24, 2025. David Khaloyan and Benjamin Esshaghian have made acquisitions using the name EKT Equities.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer David Khaloyan purchased two properties in two transactions for a total of $7.5 million and has no record it sold any properties over the past 24 months.
The seller Jackson Mak had not purchased any other properties and sold one property in one transaction for a total of $12.8 million over the same time period. The former owner according to the Department of Housing Preservation and Development is Jackson Mak, head officer. The business entity is 36 Re Llc. The 6,300-square-foot property generated revenue of $249,039 or $40 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 8 residential units in Chinatown has 6,300 square feet of built space and 1,362 square feet of additional air rights for a total buildable of 7,663 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 65 feet deep with a total lot size of 1,273 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $3.4 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 four housing violations and $350 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 three of the 20 commercial properties representing 28,996 square feet of the 183,386 square feet. The largest owner is Ricky Liang, followed by A. Wong Realty Corp. and then Nnyy Llc.
On the tax block, there was one new building construction project filed totaling 13,189 square feet. It is a 10-unit, 13,189 square-foot residential (R-2) building submitted by Christophe Rousselle with plans filed October 22, 2021 and it has not been permitted yet.

The majority, or 67 percent of the 183,386 square feet of built space are walkup buildings, with office buildings next occupying 15 percent of the space.

The seller

The PincusCo database currently indicates that Jackson Mak owned at least two commercial properties in New York City with 76,437 square feet and a city-determined market value of $34.9 million. (Market value is typically about 50% of actual value.) The portfolio has $32 million in debt, with top three lenders as Maxim Credit Group, Patriot Bank, and Maverick Real Estate Partners respectively. Within the portfolio, all identified are hotel properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that David Khaloyan owned at least six commercial properties with 40 residential units in New York City with 29,649 square feet and a city-determined market value of $7.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 66 percent of the 29,649 square feet of built space are walkup properties, with mixed-use properties next occupying 34 percent of the space. The bulk, or 83 percent of the built space, is in Brooklyn, with Manhattan next at 17 percent of the space.

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