Miklos Vasarhelyi pays $3.6M for 16-unit walkup in Chinatown
Miklos A. Vasarhelyi through the entity 73-75 Mott LLC paid $3.6 million to Eugene Leung through the entity Lun Woo Co., Inc. for the 16-unit residential walkup building (C7) at 73 Mott Street in Chinatown, Manhattan.
The deal closed on May 30, 2023 and was recorded on June 2, 2023. The property has 11,112 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $320 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 Eugene Leung was Eugene Leung. The signatory for Miklos A. Vasarhelyi was Miklos A. Vasarhelyi.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Miklos A. Vasarhelyi had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Eugene Leung had not purchased any other properties and sold one property in one transaction for a total of $7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Veronica Wong, head officer and Matthew Leung, site manager. The business entity is Lun Woo Co. Inc. The 11,112-square-foot property generated revenue of $418,968 or $38 per square foot, according to the most recent income and expense figures.
The property
The residential walkup building with 16 residential units in Chinatown has 11,112 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 100 feet deep with a total lot size of 2,278 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 $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
On this tax block, PincusCo has identified the owners of two of the 21 commercial properties representing 21,692 square feet of the 229,191 square feet. The two identified owners are S. Leong Realty Corp. and Kim Kun Ma.
There are no active new building construction projects on this tax block.
The majority, or 78 percent of the 229,191 square feet of built space are walkup buildings, with mixed-use buildings next occupying 10 percent of the space.
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