Nack Gyeun Mun pays $16.5M for 24-unit walkup in Garment District

Nack Gyeun Mun through the entity 51-55 West 35th Street Realty Inc. paid $16.5 million to Diana Jong through the entity Ding Sheng Realty Corp. for the 24-unit residential walkup building (C7) at 51-55 West 35th Street in the Garment District, Manhattan.
The deal closed on May 30, 2024 and was recorded on June 4, 2024. The property has 36,109 square feet of built space and 27,470 square feet of additional air rights for a total buildable of 63,590 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $456 and the price per buildable square foot is $259 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 Diana Jong was Diana Jong. The signatory for Nack Gyeun Mun was Nack Gyeun Mun. The contract date was March 5, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Nack Gyeun Mun had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Diana Jong had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Diana Jong, head officer and Mag Manage, agent. The business entities are Mag Management Group and Ding Sheng Realty. The 36,109-square-foot property generated revenue of $1.8 million or $49 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 24 residential units in Garment District has 36,109 square feet of built space and 27,470 square feet of additional air rights for a total buildable of 63,590 square feet according to a PincusCo analysis of city data. The parcel has frontage of 64 feet and is 98 feet deep with a total lot size of 6,359 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $11.3 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 received eight DOB violations and $3,250 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 block

On this tax block, PincusCo has identified the owners of 15 of the 33 commercial properties representing 864,110 square feet of the 1,436,912 square feet. The largest owner is Yosef Nazar, followed by Toni Park and then Rosen Equities.
There are no active new building construction projects on this tax block.

The majority, or 44 percent of the 1.4 million square feet of built space are office buildings, with hotel buildings next occupying 43 percent of the space.

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