Mixed-use building in Lower East Side sells for $4.2M
Emily Wang through the entity Great Front Realty Corp. paid $4.2 million to Kim Kun Ma through the entity Ma88 LLC for the four-unit mixed-use building (S4) at 141 Allen Street in Lower East Side, Manhattan. The expected use is cash flowing.
The deal closed on August 7, 2024 and was recorded on August 12, 2024. The property has 6,300 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $674 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 seller bought the property on March 9, 2004, for $1.3 million. The signatory for Kim Kun Ma was Kim Kun Ma. The signatory for Emily Wang was Emily Wang. The contract date was July 11, 2024.
Prior sales and revenue
Prior to this transaction, PincusCo has no record that the buyer Emily Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Kim Kun Ma had not purchased any other properties and had not sold any properties over the same time period.
The property
The mixed-use building with 4 residential units in Lower East Side has 6,300 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 70 feet deep with a total lot size of 1,400 square feet. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3.5 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 $1,100 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 Lower East Side, The majority, or 51 percent of the 23.8 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Lower East Side has near average sales volume among other neighborhoods with $227.7 million in sales volume in the last two years and is the 28th highest in Manhattan. For development, Lower East Side has had very little major development activity relative to other neighborhoods.It had 547,342 square feet of commercial and multi-family construction under development in the last two years, which represents 2 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of five of the 25 commercial properties representing 66,459 square feet of the 322,439 square feet. The largest owner is Delshah Capital, followed by Sma Equities and then Vintage Group.
There are no active new building construction projects on this tax block.
The majority, or 62 percent of the 322,439 square feet of built space are walkup buildings, with hotel buildings next occupying 20 percent of the space.
The seller
The PincusCo database currently indicates that Kim Kun Ma owned at least one commercial property in New York City with 14,192 square feet and a city-determined market value of $3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.
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