Son Dinh Tran pays $6.25M in Alphabet City, East Village

Son Dinh Tran pays $6.25 million to Leonard Eis for the walkup 543 East 6th Street in Alphabet City and 425 East 6th Street in the East Village in two transactions.

In the first, Son Dinh Tran through the entity 543 East 6 Street LLC paid $3.25 million to Leonard Eis through the entity 543 East 6th Street Realty Corp. for the eight-unit residential walkup building (C4) at 543 East 6th Street in Alphabet City, Manhattan.
The deal closed on July 14, 2023 and was recorded on August 1, 2023. The property has 7,083 square feet of built space and 200 square feet of additional air rights for a total buildable of 7,276 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $458 and the price per buildable square foot is $446 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.)

In the second, Son Dinh Tran through the entity 425 East 6 Street LLC paid $3 million to Leonard Eis through the entity Jeison Realty Corporation for the 18-unit residential walkup building (C1) at 425 East 6th Street in East Village, Manhattan. The deal closed on July 14, 2023 and was recorded on August 1, 2023. The property has 9,648 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $310 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 Leonard Eis was Leonard Eis. The signatory for Son Dinh Tran was Son Dinh Tran. The contract date was February 24, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Son Dinh Tran purchased 19 properties in 15 transactions for a total of $88.9 million and sold two properties in one transaction for a total of $5.5 million over the past 24 months.
The seller Leonard Eis had not purchased any other properties and sold three properties in one transaction for a total of $13.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Leonard Eis, head officer and Juan Gonzalez, site manager. The business entity is 543 East 6th Street Realty Corp.

The property

The residential walkup building with 8 residential units in Alphabet City has 7,083 square feet of built space and 200 square feet of additional air rights for a total buildable of 7,276 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 90 feet deep with a total lot size of 1,819 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.8 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 $500 in ECB penalties, 12 housing violations, and $850 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 15 of the 32 commercial properties representing 210,100 square feet of the 343,696 square feet. The largest owner is Zdzislaw Czerny, followed by Targo Capital Partners and then Penn South Capital.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 343,696 square feet of built space are elevator buildings, with walkup buildings next occupying 46 percent of the space.

The buyer

The PincusCo database currently indicates that Son Dinh Tran owned at least 31 commercial properties with 303 residential units in New York City with 338,488 square feet and a city-determined market value of $73.8 million. (Market value is typically about 50% of actual value.) The portfolio has $96.9 million in debt, with top three lenders as Signature Bank, S3 Capital, and Titan Capital ID respectively. Within the portfolio, the bulk, or 62 percent of the 338,488 square feet of built space are walkup properties, with mixed-use properties next occupying 17 percent of the space. The bulk, or 76 percent of the built space, is in Manhattan, with Bronx next at 21 percent of the space.

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