Son Nguyen pays $8.1M to Penn South Capital for 9-unit walkup in East Village

Son Nguyen through the entity Nt East Village LLC paid $8.1 million to Penn South Capital through the entity 150 E. Broadway NY, LLC for the nine-unit residential walkup building (C7) at 317 East 5th Street in East Village, Manhattan. The expected use is cash flowing.
The deal closed on April 10, 2025 and was recorded on April 24, 2025. The property has 6,750 square feet of built space and 2,958 square feet of additional air rights for a total buildable of 9,700 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,200 and the price per buildable square foot is $835 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 October 11, 2018, for $6.1 million. The signatory for Penn South Capital was Parag Sawhney . The signatory for Son Nguyen was Son Nguyen. The contract date was February 10, 2025. Traded NY reported the buyer as Joe Ngo.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Son Nguyen had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Penn South Capital purchased 15 properties in 14 transactions for a total of $74.7 million and sold five properties in five transactions for a total of $24.7 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Raymond Chera, head officer and Parag Sawhney, officer. The business entity is 150 E Broadway Ny Llc.

The property

The residential walkup building with 9 residential units in East Village has 6,750 square feet of built space and 2,958 square feet of additional air rights for a total buildable of 9,700 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 97 feet deep with a total lot size of 2,425 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.5 million. The most recent loan totaled $6.4 million and was provided by New York Community Bank on September 10, 2019.

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 $100 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 31 of the 44 commercial properties representing 341,929 square feet of the 435,322 square feet. The largest owner is Jonathan Wertenteil, followed by Viking Management and then New York Police Department.
On the tax block, there were two new building construction projects totaling 16,514 square feet. The largest is a eight-unit, 8,331 square-foot residential (R-2) building submitted by Daniel Toledano with plans filed April 19, 2017 and it has not been permitted yet. The second largest is a eight-unit, 8,183 square-foot residential (R-2) building submitted by Daniel Toledano with plans filed May 11, 2020 and it has not been permitted yet.

The majority, or 78 percent of the 435,322 square feet of built space are walkup buildings, with specialty buildings next occupying 10 percent of the space.

The seller

The PincusCo database currently indicates that Penn South Capital owned at least 26 commercial properties with 224 residential units in New York City with 168,465 square feet and a city-determined market value of $78.7 million. (Market value is typically about 50% of actual value.) The portfolio has $99.3 million in debt, with top three lenders as KeyBank, Shelter Growth Capital Partners, and Midcap Financial respectively. Within the portfolio, the bulk, or 61 percent of the 168,465 square feet of built space are walkup properties, with mixed-use properties next occupying 10 percent of the space. The bulk, or 79 percent of the built space, is in Manhattan, with Brooklyn next at 21 percent of the space.

The buyer

The PincusCo database currently indicates that Son Nguyen owned at least one commercial property with nine residential units in New York City with 6,750 square feet and a city-determined market value of $5.4 million. (Market value is typically about 50% of actual value.) The portfolio has $4.2 million in debt, borrowed from Citizens Bank. The portfolio consists of at least a single walkup property. It is located in Manhattan.

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