Peter Moore affiliate pays $21.1M for three properties in Chinatown

An affiliate of Catskill, NY-resident Peter Moore through the entity 99-91 Canal Project LLC paid $21.1 million to Ki Tai Yeung, Jerry Guo, and Xiao Jun Chen for the office building (O9) at 99 Canal Street in Chinatown, Manhattan, retail building (O9) at 95 Canal Street in Chinatown, Manhattan, and office building (O9) at 91 Canal Street in Chinatown, Manhattan. The expected use is cash flowing.
The deal closed on March 23, 2026 and was recorded on April 3, 2026. The three properties have 34,719 square feet of built space and 778 square feet of additional air rights according to a PincusCo analysis of city data. The sale price per built square foot is $609 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 Ki Tai Yeung , Jerry Guo , and Xiao Jun Chen was Jay Lau . The signatory for the Peter Moore affiliate was Peter Moore. The contract date was August 25, 2025.

Because multiple properties have been transacted, some of the following sections will follow the property with the largest assessed value, which in this case, is the property on 99 Canal Street.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that Peter Moore had purchased any other properties and sold one property in one transaction for a total of $4 million over the past 24 months.
The seller Ki Tai Yeung purchased two properties in one transaction for a total of $21.4 million and sold 13 properties in one transaction for a total of $21.4 million over the same time period. The three properties with a total of 34,719 square feet of built space generated revenue of $2.1 million per year or $60 per square foot. The sale price per square foot was $609.

The property

The office building in Chinatown has 34,719 square feet of built space and 778 square feet of additional air rights according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 50 feet deep with a total lot size of 3,775 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $5.6 million.

Transaction Participants

Michael Sokolow at Michael Sokolow, Esq. participated in the transaction on behalf of the buyer.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received seven DOB violations, $40,625 in ECB penalties, and $74,325 in OATH penalties in the last year.

Development

For the tax lot buildings, one out of the three buildings received a initial certificate of occupancy in the last ten years. 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 1.4 times the average sales volume among other neighborhoods with $471.4 million in sales volume in the last two years and is the 25th highest in Manhattan. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 542,348 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On the tax block of 99 Canal Street, PincusCo has identified the owners of one of the seven commercial properties representing 196,082 square feet of the 261,348 square feet. The identified owner is Nyc Department Of Education.
There are no active new building construction projects on this tax block.

The majority, or 75 percent of the 261,348 square feet of built space are specialty buildings, with retail buildings next occupying 14 percent of the space.

The seller

The PincusCo database currently indicates that Xiao Jun Chen owned at least seven commercial properties with 40 residential units in New York City with 112,425 square feet and a city-determined market value of $21.3 million. (Market value is typically about 50% of actual value.) The portfolio has $96.1 million in debt, with top three lenders as East West Bank, Ponce Bank, and Cathay Bank respectively. Within the portfolio, the bulk, or 43 percent of the 112,425 square feet of built space are elevator properties, with office properties next occupying 35 percent of the space. The bulk, or 81 percent of the built space, is in Queens, with Brooklyn next at 19 percent of the space.
The PincusCo database currently indicates that Ki Tai Yeung owned at least two commercial properties in New York City with 73,950 square feet and a city-determined market value of $8.6 million. (Market value is typically about 50% of actual value.) The portfolio has $65.6 million in debt, borrowed from Bank of China and Cathay Bank. Within the portfolio, the bulk, or 100 percent of the 73,950 square feet of built space are industrial properties, with development properties next occupying 0 percent of the space. They are all located in Brooklyn.

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