Kim Wan Cheung pays $7.3M for mixed-use in Little Italy

Kim Wan Cheung through the entity 208 Centre Street Realty LLC paid $7.3 million to Kit Yee Chan through the entity 208 Centre Realty Inc. for the six-unit mixed-use building (S5) at 208 Centre Street in Little Italy, Manhattan.
The deal closed on August 26, 2025 and was recorded on September 12, 2025. The property has 11,944 square feet of built space and 19,549 square feet of additional air rights for a total buildable of 31,480 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $611 and the price per buildable square foot is $231 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 Kit Yee Chan was Kit Yee Chan. The signatory for Kim Wan Cheung was Kim Wan Cheung. The contract date was May 21, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Kim Wan Cheung had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kit Yee Chan 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 Kityee Chan, head officer and Ivy Choi, officer. The business entity is 208 Centre Realty Inc. The 11,944-square-foot property generated revenue of $296,689 or $25 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 6 residential units in Little Italy has 11,944 square feet of built space and 19,549 square feet of additional air rights for a total buildable of 31,480 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 125 feet deep with a total lot size of 3,148 square feet. The lot is irregular. The zoning is M1-5/R10 which allows for up to 5 times floor area ratio (FAR) for manufacturing and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $4 million. The property has 6 rent regulated units according to city tax records from 2021.

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 $700 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 Little Italy, The bulk, or 33 percent of the 4.1 million square feet of commercial built space are office buildings, with walkup buildings next occupying 25 percent of the space. In sales, Little Italy has 1.3 times the average sales volume among other neighborhoods with $383.6 million in sales volume in the last two years and is the 24th highest in Manhattan. For development, Little Italy has had very little major development activity relative to other neighborhoods.It had 126,951 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 13 commercial properties representing 101,584 square feet of the 170,344 square feet. The largest owner is Lam Group, followed by Bijan Nassi and then Kow Quen Realty Corp..
There are no active new building construction projects on this tax block.

The majority, or 60 percent of the 170,344 square feet of built space are office buildings, with mixed-use buildings next occupying 31 percent of the space.

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