Pan Am Equities pays $1.5M for mixed-use in Chinatown

Pan Am Equities through the entity Mosco Ii LLC paid $1.5 million to Brian Feldman through the entity Rinse 103, LLC for the three-unit mixed-use building (S3) at 103 Mosco Street in Chinatown, Manhattan. The expected use is cash flowing.
The deal closed on February 6, 2025 and was recorded on February 14, 2025. The property has 2,913 square feet of built space and 495 square feet of additional air rights for a total buildable of 3,405 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $514 and the price per buildable square foot is $440 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 September 5, 2018, for $2.9 million. The signatory for Brian Feldman was Jean L. Chou. The signatory for Pan Am Equities was Joshua Manocherian. The contract date was December 2, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Pan Am Equities had purchased any other properties and sold one property in one transaction for a total of $5 million over the past 24 months.
The seller Brian Feldman 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 Brian Feldman, head officer and Anna Clark, shareholder. The business entities are Centre Street Management and Rinse 103, Llc.

The property

The mixed-use building with 3 residential units in Chinatown has 2,913 square feet of built space and 495 square feet of additional air rights for a total buildable of 3,405 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 54 feet deep with a total lot size of 990 square feet. The lot is irregular. 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 $849,000.

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 neighborhood

In Chinatown, The bulk, or 36 percent of the 8.4 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space. In sales, Chinatown has had very little sales volume relative to other neighborhoods with $160.9 million in sales volume in the last two years. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 333,164 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the 36 commercial properties representing 63,181 square feet of the 492,566 square feet. The largest owner is Mcsam Hotel Group, followed by P. Zaccaro and then Lin Huang.
On the tax block, there was one new building construction project filed totaling 28,853 square feet. It is a 103-unit, 28,853 square-foot hotel/dormitory/shelter (R-1) building submitted by McSam Hotel Group and filed by Sam Chang with plans filed August 28, 2020 and it has not been permitted yet.

The majority, or 59 percent of the 492,566 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

The buyer

The PincusCo database currently indicates that Pan Am Equities owned at least 21 commercial properties with 2,254 residential units in New York City with 2,304,042 square feet and a city-determined market value of $705.8 million. (Market value is typically about 50% of actual value.) The portfolio has $107.3 million in debt, with top three lenders as People’s United Bank, Bayerische Landesbank, and JPMorgan Chase respectively. Within the portfolio, the bulk, or 99 percent of the 2,304,042 square feet of built space are elevator properties, with walkup properties next occupying 1 percent of the space. They are all located in Manhattan.

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