Ping Fai Chang pays $5.5M for 14-unit walkup in Chinatown

Ping Fai Chang through the entity Simple Spaces Real Estate LLC paid $5.5 million to the entity TRH Trading Corp. for the 14-unit residential walkup building (C8) at 25 Orchard Street in Chinatown, Manhattan. The expected use is cash flowing.
The deal closed on April 29, 2025 and was recorded on May 15, 2025. The property has 12,325 square feet of built space and 1,862 square feet of additional air rights for a total buildable of 14,189 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $446 and the price per buildable square foot is $387 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 the seller TRH Trading, which was led by Nhiem Khanh Hoang, was  Vivien Lau . The signatory for Ping Fai Chang was Ping Fai Chang. The contract date was February 10, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ping Fai Chang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vivien Lau had not purchased any other properties and sold one property in one transaction for a total of $8.5 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Vivien Lau, head officer and Duc Van Truong, officer. The business entity is TRH Trading Corp. The 12,325-square-foot property generated revenue of $617,606 or $50 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 14 residential units in Chinatown has 12,325 square feet of built space and 1,862 square feet of additional air rights for a total buildable of 14,189 square feet according to a PincusCo analysis of city data. The parcel has frontage of 26 feet and is 79 feet deep with a total lot size of 2,357 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $3.5 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 block

There are no active new building construction projects on this tax block.

The majority, or 68 percent of the 118,896 square feet of built space are walkup buildings, with mixed-use buildings next occupying 13 percent of the space.

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