Kinsmen pays $11.7M, for mixed-use building in East Village, adding to assemblage

Kinsmen Property Group through the entity 62-64 Third Ave L.P. paid $11.7 million to Yi Ge through the entity Ze Ray Properties, LLC for three-unit mixed-use building at 60 Third Avenue in East Village, Manhattan.
The deal closed on December 29, 2021 and was recorded on January 7, 2022.
The property has 6,022 square feet of built space and 5,030 square feet of additional air rights for a total buildable of 11,052 square feet according to PincusCo analysis of city data. The sale price per built square foot is $1,947 and the price per buildable square foot is $1,060 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 seller bought the property on December 2, 2011, for $5.6 million.
The signatory for Yi Ge was Yi Ge. The signatory for Kinsmen Property Group was Christine McGuinness.
Prior to this transaction, the buyer Kinsmen Property Group purchased 54 Third Avenue for $12 million and leased seven properties in one transactions for a total of $50 million over the past 24 months.
The seller Yi Ge had not purchased any other properties and had not sold any properties over the same time period.
The 6,022-square-foot property generated revenue of $331,391 or $55 per square foot, according to the most recent income and expense figures.

In the East Village, the largest amount, or 32 percent of the 21.4 million square feet of built space are residential elevator buildings, with residential walkup buildings next occupying 32 percent of the space. In sales, East Village has 2 times the average sales volume in the city with $552.6 million in sales volume in the last two years and is the 22nd highest in Manhattan. For development, East Village has had very little major development activity relative to other neighborhoods.It had 152,634 square feet of commercial construction under development in the last two years, which represents 0.71 percent of the neighborhood’s built space.

The owners according to the Department of Housing Preservation and Development includes Alice Zhang, head officer and Jun Yan, shareholder. The business entity is Ze Ray Properties, Llc.
Within a 400-foot radius of 60 3rd Avenue, Pincusco identified five commercial real estate items of interests occurred over the past 24 months.
Of those five items, two were sales above $5 million totaling $23.2 million. The most recent of the two was Kinsman Property Group which bought the 5,304-square-foot, three-unit mixed-use building (K4) on 54 3rd Avenue for $12 million from Chulwon Hyun and Sungsook Hyun on January 6, 2022.
Of those five 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.

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