Ryan Dongki Kim pays $4.7M for 8-unit rental in Murray Hill

Ryan Dongki Kim through the entity Nextsphere Holdings LLC paid $4.7 million to Allesandro Pireno and Gabriella Pireno for the eight-unit residential elevator building (D3) at 110 East 37th Street in Grand Central, Manhattan.
The deal closed on May 16, 2024 and was recorded on May 24, 2024. The property has 7,280 square feet of built space and 2,591 square feet of additional air rights for a total buildable of 9,872 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $645 and the price per buildable square foot is $476 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 Allesandro Pireno and Gabriella Pireno was Allesandro Pireno and Gabriella Pireno. The signatory for Ryan Dongki Kim was Ryan Dongki Kim. The contract date was March 26, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ryan Dongki Kim had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Allesandro Pireno 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 Alessando Pireno, head officer and Adam Berenson, site manager. The business entities are Dermer Management and 110 East 37th Street Llc.

The property

The residential elevator building with 8 residential units in Murray Hill has 7,280 square feet of built space and 2,591 square feet of additional air rights for a total buildable of 9,872 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,468 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the Murray Hill Historic District. The city-designated market value for the property in 2022 is $3.3 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 received $50 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 10 of the 31 commercial properties representing 211,640 square feet of the 327,700 square feet. The largest owner is Whitehall Property Management, followed by Suppiah Kameshwara and then Stonehenge NYC.
There are no active new building construction projects on this tax block.

The majority, or 56 percent of the 327,700 square feet of built space are elevator buildings, with walkup buildings next occupying 22 percent of the space.

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