Son Dinh Tran pays $6.7M to Tomohiko Shimura for hotel in Lincoln Square

Son Dinh Tran through the entity 342 West 71 Street LLC paid $6.7 million to Tomohiko Shimura through the entity Riverside Studios LLC for hotel building (HR) at 342 West 71st Street in Lincoln Square, Manhattan.
The deal closed on September 16, 2022 and was recorded on October 13, 2022. The property has 34,312 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $195 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 6, 2019, for $9.6 million. The signatory for Tomohiko Shimura was Tomohiko Shimura. The signatory for Son Dinh Tran was Son Dinh Tran.

Prior sales and revenue

Prior to this transaction, Pincusco has records that the buyer Son Dinh Tran purchased 17 properties in 14 transactions for a total of $83.9 million and sold two properties in one transactions for a total of $5.5 million over the past 24 months.
The seller Tomohiko Shimura had not purchased any other properties and sold one property in one transaction for a total of $3 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Tom Shimura, head officer and Yumiko Kajie, site manager. The business entity is Riverside Studios, Llc.

The property

The 342 West 71st Street parcel has frontage of 52 feet and is 125 feet deep with a total lot size of 6,543 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The property is in the West End-Collegiate Historic District Extension. The city-designated market value for the property in 2022 is $5.2 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. In addition, according to city public data, the property has received $3,125 in ECB penalties, 34 housing violations, and $3,875 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 $5 million on this tax lot.

The neighborhood

In Lincoln Square, the majority, or 60 percent of the 19.4 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 24 percent of the space. In sales, Lincoln Square has the 8th highest sale turnover among other neighborhoods in the city with $1.9 billion in sales volume in the last two years. For development, Lincoln Square has had very little major development activity relative to other neighborhoods.It had 695,360 square feet of commercial and multi-family construction under development in the last two years, which represents 4 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other hotel buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of three of the four commercial properties representing 54,652 square feet of the 88,964 square feet. The largest owner is S.W. Management, followed by Eugenio Presta and then Danny Rebibo.
There are no active new building construction projects on this tax block.

The majority, or 50 percent of the 88,964 square feet of built space are elevator buildings, with hotel buildings next occupying 39 percent of the space.

The seller

The PincusCo database currently indicates that Tomohiko Shimura owned at least one commercial property in New York City with 19,830 square feet and a city-determined market value of $5.6 million. (Market value is typically about 50% of actual value.) The portfolio has $6.8 million in debt, borrowed from JPMorgan Chase. The portfolio consists of at least a single walkup property. It is located in Manhattan.

The buyer

The PincusCo database currently indicates that Son Dinh Tran owned at least 22 commercial properties in New York City with 253,826 square feet and a city-determined market value of $42.3 million. (Market value is typically about 50% of actual value.) The portfolio has $75.3 million in debt, with top three lenders as Signature Bank, S3 Capital, and Titan Capital ID respectively. Within the portfolio, the bulk, or 78 percent of the 253,826 square feet of built space are walkup properties, with elevator properties next occupying 12 percent of the space. The bulk, or 73 percent of the built space, is in Manhattan, with Bronx next at 23 percent of the space.

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