Ling Yang Jiang pays $5.7M for retail in Graniteville, had faced foreclosure

Ling Yang Jiang through the entity 933 Richmond Funding LLC paid $5.7 million to Jhong Uhk Kim through the entity 933 Richmond LLC for the retail building (K6) at 933 Richmond Avenue in Graniteville, Staten Island. The expected use is cash flowing. The seller had faced a pre-foreclosure action related to a loan at the property.
The deal closed on December 16, 2024 and was recorded on January 21, 2025. The property has 10,796 square feet of built space and 2,080 square feet of additional air rights for a total buildable of 13,000 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $527 and the price per buildable square foot is $438 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 Jhong Uhk Kim was Robert Kim. The signatory for Ling Yang Jiang was Ling Yang Jiang. The contract date was September 16, 2024. The building was subject to two pre-foreclosure filings, the first made by Noah Bank in 2022, 151586/2022, which was discontinued, and the second made by the Bank of Princeton in Richmond County State Supreme Court under index 152028/2024,  which was cancelled December 23, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ling Yang Jiang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Jhong Uhk Kim had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Graniteville has 10,796 square feet of built space and 2,080 square feet of additional air rights for a total buildable of 13,000 square feet according to a PincusCo analysis of city data. The parcel has frontage of 130 feet and is 200 feet deep with a total lot size of 26,000 square feet. The lot is irregular. The zoning is R3-2 which allows for up to 0.5 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.3 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

There are no active new building construction projects on this tax block.

The majority, or 84 percent of the 36,726 square feet of built space are retail buildings, with industrial buildings next occupying 10 percent of the space.

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