Kuoching Hsu pays $3.9M for residential walkup in Lenox Hill
Kuoching Hsu through the entity 326 E 61 LLC paid $3.9 million to Al Jinete through the entity 326 East 61 Realty LLC for the 20-unit residential walkup building (C7) at 326 East 61st Street in Lenox Hill, Manhattan.
The deal closed on December 1, 2023 and was recorded on December 6, 2023. The property has 10,670 square feet of built space and 2,703 square feet of additional air rights for a total buildable of 13,385 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $367 and the price per buildable square foot is $293 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 Al Jinete was Al Jinete. The signatory for Kuoching Hsu was Kuoching Hsu. The contract date was October 3, 2023.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Kuoching Hsu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Al Jinete 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 Jarrod Musano, head officer and Alysse Jinete, officer. The business entity is 326 East 61 Realty Llc.
The property
The residential walkup building with 20 residential units in Lenox Hill has 10,670 square feet of built space and 2,703 square feet of additional air rights for a total buildable of 13,385 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 100 feet deep with a total lot size of 2,677 square feet. The zoning is C8-4 which allows for up to 5 times floor area ratio (FAR) for commercial 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 for the past 24 months. In addition, according to city public data, the property has received $150 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
On this tax block, PincusCo has identified the owners of 21 of the 33 commercial properties representing 320,988 square feet of the 420,710 square feet. The largest owner is Townhouse Property Group, followed by Sean Lavin and then Ph Realty Capital.
There are no active new building construction projects on this tax block.
The majority, or 33 percent of the 420,710 square feet of built space are walkup buildings, with retail buildings next occupying 23 percent of the space.
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