Peng Fan pays $4.3M for retail condo in Tribeca

Peng Fan through the entity Kylin Realty LLC paid $4.3 million to Victor Setton through the entity Hudson Street Retail, LLC for the retail condominium unit at 114 Hudson Street in Tribeca, Manhattan.
The deal closed on June 5, 2024 and was recorded on June 17, 2024. The property has 2,995 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,425 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 June 17, 2015, for $5 million. The signatory for Victor Setton was Victor Setton. The signatory for Peng Fan was Peng Fan. The contract date was April 2, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Peng Fan had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Victor Setton had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail condo in Tribeca has 2,995 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 2,995 square feet. The city-designated market value for the property in 2022 is $1.6 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 neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.9 times the average sales volume among other neighborhoods with $521.9 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Tribeca has 2.4 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the nine commercial properties representing 74,934 square feet of the 109,725 square feet. The largest owner is Krinos Holdings, followed by John Stathis and then Jeffrey Hiller.
There are no active new building construction projects on this tax block.

The majority, or 53 percent of the 109,725 square feet of built space are elevator buildings, with mixed-use buildings next occupying 24 percent of the space.

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