Lili Chen, David Daniel Xie pay $3.9M for 17-unit walkup in Chinatown

Lili Chen and David Daniel Xie through the entity 13 Friendly LLC paid $3.9 million to Lai Fung Yong through the entity 13 Market Street Inc. for the 17-unit residential walkup building (C7) at 13 Market Street in Chinatown, Manhattan.
The deal closed on April 20, 2023 and was recorded on May 8, 2023. The property has 9,375 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $410 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 Lai Fung Yong was Lai Fung Yong. The signatory for Lili Chen and David Daniel Xie was Lili Chen and David Daniel Xie.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lili Chen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Lai Fung Yong 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 Lai Yong, head officer and Wu Guo, officer. The business entity is 13 Market Street Inc. The 9,375-square-foot property generated revenue of $588,387 or $63 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 17 residential units in Chinatown has 9,375 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 90 feet deep with a total lot size of 2,250 square feet. The city-designated market value for the property in 2022 is $2.8 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 not received any significant violations 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 11 of the 38 commercial properties representing 230,166 square feet of the 501,568 square feet. The largest owner is Yi K. Lam, followed by W&L Group and then Quon Dunn Cp.
On the tax block, there were three new building construction projects totaling 134,862 square feet. The largest is a 80-unit, 97,700 square-foot residential (R-2) building submitted by W&L Group and filed by Thomas Wang with plans filed May 29, 2019 and permitted March 28, 2022. The second largest is a 19,412 square-foot business (B) building submitted by Andy Mak with plans filed May 31, 2013 and permitted March 13, 2015.

The majority, or 34 percent of the 501,568 square feet of built space are walkup buildings, with elevator buildings next occupying 26 percent of the space.

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