Lawrence Ng in contract to sell 6-unit mixed-use in Grand Central for undisclosed price

An anonymous owner through the entity 139 East 45th Street, L.L.C. as buyer signed a contract to pay an undisclosed price to Lawrence Ng through the entity Wung, Inc. for the six-unit mixed-use building (K4) at 139 East 45th Street in Grand Central, Manhattan.
The deal closed on December 22, 2021 and was recorded on October 24, 2022. The property has 7,812 square feet of built space and 14,270 square feet of additional air rights for a total buildable of 22,090 square feet according to PincusCo analysis of city data.
The signatory for Lawrence Ng was Lawrence Ng. The signatory for 139 East 45th Street, L.L.C. was attorney Jacob Okun. The memorandum of contract states the contract was signed on December 21, 2021, and the title transfer is anticipated to close in 42 months, or about three and a half years.

Prior sales and revenue

The seller Lawrence Ng had not purchased any other properties and had not sold any properties over the same time period. The owner according to the Department of Housing Preservation and Development is Lawrence Ng, head officer. The business entity is Wung Inc. The 7,812-square-foot property generated revenue of $474,236 or $61 per square foot, according to the most recent income and expense figures.

The property

The 139 East 45th Street parcel has frontage of 22 feet and is 100 feet deep with a total lot size of 2,209 square feet. The zoning is C5-2.5 which allows for up to 12 times floor area ratio (FAR) for commercial The city-designated market value for the property in 2022 is $2.2 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 received $100 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 $5 million on this tax lot.

The neighborhood

In Grand Central, the majority, or 80 percent of the 43.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 8 percent of the space. In sales, Grand Central has 2.5 times the average sales volume among other neighborhoods with $875.2 million in sales volume in the last two years and is the 17th highest in Manhattan. For development, Grand Central has 1.2 times the average amount of major developments relative to other neighborhoods and is the 22nd highest in Manhattan. It had 1.2 million 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 nine of the 43 commercial properties representing 1,402,517 square feet of the 2,823,735 square feet. The largest owner is RXR Realty, followed by Solil Management and then Sol Goldman Investments.
there are no active new building construction projects on this tax block.

The majority, or 89 percent of the 2.1 million square feet of built space are office buildings, with elevator buildings next occupying 6 percent of the space.

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