Oh partnership pays $4.4M for 13-unit walkup in Hell’s Kitchen

A partnership of Young Taik Oh, Sam Sun Noh, and Beom Jin Oh through the entity 748 Enterprise LLC paid $4.4 million to Bruce Haley through the entity 748 Ninth Ave., LLC for the 13-unit residential walkup building (C7) at 748 9th Avenue in Hell’s Kitchen, Manhattan. The expected use is cash flowing.
The deal closed on November 22, 2024 and was recorded on December 10, 2024. The property has 9,770 square feet of built space and 5,275 square feet of additional air rights for a total buildable of 15,050 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $450 and the price per buildable square foot is $292 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 Bruce Haley was Bruce Haley. The signatory for Young Taik Oh, Sam Sun Noh, and Beom Jin Oh was Beom Jin Oh. The contract date was September 13, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Young Taik Oh had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Bruce Haley had not purchased any other properties and sold four properties in three transactions for a total of $23.1 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Bruce Haley, head officer and Laurence Ciupak, agent. The business entities are Tri-Hill Management Llc and 748 Ninth Avenue Llc.

The property

The residential walkup building with 13 residential units in Hell’s Kitchen has 9,770 square feet of built space and 5,275 square feet of additional air rights for a total buildable of 15,050 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.2 million. The property has 9 rent regulated units according to city tax records from 2023.

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 two housing violations and $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 block

On this tax block, PincusCo has identified the owners of 14 of the 25 commercial properties representing 827,223 square feet of the 921,302 square feet. The largest owner is Equity Residential, followed by Standard Companies and then Hersel Torkian.
There are no active new building construction projects on this tax block.

The majority, or 74 percent of the 921,302 square feet of built space are elevator buildings, with walkup buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that Young Taik Oh owned at least one commercial property in New York City with 3,000 square feet and a city-determined market value of $990,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Queens.

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