Khaloyan Kapital pays $6.2M for 16-unit walkup in Chinatown

David Khayolan‘s Khaloyan Kapital through the entity 37 Orchard, LLC paid $6.2 million to Nancy Mak and Jackson Mak through the entity 37 Re, LLC for the 16-unit residential walkup building (C7) at 37 Orchard Street, 37A Orchard Street and also known as 68 Hester Street in Chinatown, Manhattan. The expected use is cash flowing.
The deal closed on May 6, 2025 and was recorded on May 15, 2025. The property has 8,580 square feet of built space and 2,724 square feet of additional air rights for a total buildable of 11,311 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $728 and the price per buildable square foot is $552 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 Nancy Mak was Nancy Mak. The signatory for Khaloyan Kapital was Edward J. Bullard Jr. . The contract date was January 24, 2025. Nancy Mak, who co-owns property with Jackson Mak, acquired the property in 1997 for approximately $412,000.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Khaloyan Kapital purchased one property in one transaction for a total of $4.4 million and has no record it sold any properties over the past 24 months.
The seller Nancy Mak 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 Nancy Mak, head officer and Jackson Mak, officer. The business entity is 37 Re Llc. The 8,580-square-foot property generated revenue of $311,215 or $36 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 16 residential units in Chinatown has 8,580 square feet of built space and 2,724 square feet of additional air rights for a total buildable of 11,311 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,879 square feet. 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 $1.1 million. The property has 9 rent regulated units according to city tax records from 2023.

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 $1,350 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

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

The majority, or 68 percent of the 118,896 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that Khaloyan Kapital owned at least two commercial properties with 20 residential units in New York City with 17,935 square feet and a city-determined market value of $10 million. (Market value is typically about 50% of actual value.) The portfolio has $5.7 million in debt, borrowed from Emerald Creek Capital. Within the portfolio, all identified are walkup properties. They are all located in Manhattan.

Direct link to Acris document. link