Kinsmen Property Group pays $12M to add to assemblage in East Village

Kinsmen Property Group through the entity 62-64 Third Ave L.P. paid $12 million to Chulwon Hyun and Sungsook Hyun for the two-unit mixed-use building (K4) at 54-56 Third Avenue in East Village, Manhattan.
The deal closed on October 28, 2021 and was recorded on January 6, 2022.
The property has 5,304 square feet of built space and 13,671 square feet of additional air rights for a total buildable of 18,963 square feet according to PincusCo analysis of city data. The sale price per built square foot is $2,262 and the price per buildable square foot is $632 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 Chulwon Hyun and Sungsook Hyun was Chulwon Hyun and Sungsook Hyun. The signatory for Kinsmen Property Group was Ari Zagdanski.

This is the third property the buyer entity has acquired on the block, but two parcels are in between the three that are owned, bought for a total of $35 million. Kinsmen also owns seven parcels at 160 Bowery that it ground leased to Real Estate Equities Corporation in 2020 with a value of $50 million.

Within a 400-foot radius of 54-56 Third Avenue, PincusCo identified four commercial real estate items of interests occurred over the past 24 months.
One of those four items was a sale which Teton Urban Laboratory LLC bought one condo unit in the 3,201-square-foot, 30-unit mixed-use building (RM) on 80 East 10th Street for $11.2 million from Nava Partners on August 19, 2021.
Of those four items, three were loans above $5 million totaling $248.8 million. The most recent of the three was Slate Property Group which borrowed $34.6 million from Sterling National Bank secured by one condo unit in the 30,662-square-foot, 29-unit mixed-use building (RM) on 47 3rd Avenue on October 27, 2020.

Correction: An earlier version of this post misspelled Kinsmen.

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