Kim Kun Ma pays $7M to Eugene Leung for mixed-use in Chinatown

Kim Kun Ma through the entity Mott 77 LLC paid $7 million to Eugene Leung through the entity Lun Woo Co., Inc. for mixed-use building (K4) at 77 Mott Street in Chinatown, Manhattan.
The deal closed on May 9, 2022 and was recorded on July 1, 2022.The property has 14,192 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $496 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 Eugene Leung was Eugene Leung. The signatory for Kim Kun Ma was Kim Kun Ma.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Kim Kun Ma had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Eugene Leung had not purchased any other properties and had not sold any properties over the same time period. The 14,192-square-foot property generated revenue of $657,908 or $46 per square foot, according to the most recent income and expense figures.

The property

The 77 Mott Street parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 3,559 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 $2.9 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 not received any significant violations 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 Chinatown, the bulk, or 33 percent of the 9 million square feet of commercial built space are residential walkup buildings, with mixed-use buildings next occupying 16 percent of the space. In sales, Chinatown has had very little sales volume relative to other neighborhoods with $103 million in sales volume in the last two years. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 497,491 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. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the 62 commercial properties representing 7,500 square feet of the 297,405 square feet. The identified owner is S. Leong Realty Corp.. There are no active new building construction projects on this tax block.

The majority, or 66 percent of the 270,549 square feet of built space are residential walkup buildings, with specialty buildings next occupying 15 percent of the space.

Surrounding

Within a 400-foot radius of 77 Mott Street, PincuaCo identified four commercial real estate items of interests occurred over the past 24 months.
Of those four items, two were sales above $5 million totaling $26 million. The most recent of the two was Zhi Li Pan which bought the 27,528-square-foot, 25-unit rental (C7) on 91 Baxter Street for $7.4 million from Michael Messi on May 10, 2022.
Of those four items, two were loans above $5 million totaling $24 million. The most recent of the two was Nakash Holdings which borrowed $16 million from Bank Hapoalim secured by one condo unit in the 7,580-square-foot, 54-unit mixed-use building (RC) on 210 Canal Street on February 4, 2022.

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