Lin Wei Huang pays $3.4M for mixed-use in Chinatown

Lin Wei Huang through the entity N C P M Inc. paid $3.4 million to the estate of Soon Yee, Peter Yee, and John Yee through the entity 58 Mott Street LLC for the six-unit mixed-use building (S5) at 58 Mott Street in Chinatown, Manhattan.
The deal closed on May 31, 2024 and was recorded on June 13, 2024. The property has 4,646 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $721 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 Soon Yee, Peter Yee, and John Yee was John Yee and Brian A. Raphan. The signatory for Lin Wei Huang was Lin Wei Huang. The contract date was January 31, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Lin Wei Huang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Soon Yee had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Peter Yee, head officer. The business entity is 58 Mott Street LLC.

The property

The mixed-use building with 6 residential units in Chinatown has 4,646 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 49 feet deep with a total lot size of 1,235 square feet. The lot is irregular. 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 $1.2 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 one DOB violation and $1,300 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 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 $123.2 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 404,060 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 21 commercial properties representing 59,077 square feet of the 244,540 square feet. The largest owner is Shu Min Nyein, followed by Raber Enterprises and then New York Police Department.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 244,540 square feet of built space are walkup buildings, with retail buildings next occupying 21 percent of the space.

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