Lin Huang pays $7.5M to Roland Leong for mixed-use in Chinatown

Lin Huang through the entity Mott And Bayard Corp. paid $7.5 million to Roland Leong through the entity 53 Mott Street Corp. for the two-story mixed-use building (K4) at 53 Mott Street in Chinatown, Manhattan.
The deal closed on July 12, 2023 and was recorded on July 26, 2023. The property has 6,975 square feet of built space and 1,624 square feet of additional air rights for a total buildable of 8,596 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,073 and the price per buildable square foot is $871 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 Roland Leong was Roland Leong. The signatory for Lin Huang was Lin Huang. This property last sold on January 1954.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lin Huang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Roland Leong had not purchased any other properties and had not sold any properties over the same time period. The 6,975-square-foot property generated revenue of $390,141 or $56 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building in Chinatown has 6,975 square feet of built space and 1,624 square feet of additional air rights for a total buildable of 8,596 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 50 feet deep with a total lot size of 2,499 square feet. The zoning is C6-1 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 3.44 times FAR for residential. The city-designated market value for the property in 2022 is $1.8 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 neighborhood

In Chinatown, The bulk, or 36 percent of the 8.4 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space. In sales, Chinatown has had very little sales volume relative to other neighborhoods with $166.8 million in sales volume in the last two years. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 581,507 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 36 commercial properties representing 56,206 square feet of the 492,566 square feet. The largest owner is P. Zaccaro, followed by McSam Hotel Group and then Hing Lee Rlty Inc..
On the tax block, there was one new building construction project filed totaling 28,853 square feet. It is a 103-unit, 28,853 square-foot hotel/dormitory/shelter (R-1) building submitted by McSam Hotel Group and filed by Sam Chang with plans filed August 28, 2020 and it has not been permitted yet.

The majority, or 59 percent of the 492,566 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

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