Soon Hee Kim pays $8M for 16-unit walkup in Kips Bay

Soon Hee Kim through the entity 398 Third Ave. LLC paid $8 million to Scott Fink through the entity 398 Third Avenue Realty LLC for the 16-unit residential walkup building (C7) at 398 Third Avenue in Kips Bay, Manhattan.
The deal closed on March 29, 2024 and was recorded on April 8, 2024. The property has 12,595 square feet of built space and 17,031 square feet of additional air rights for a total buildable of 29,620 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $635 and the price per buildable square foot is $270 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 Scott Fink was Scott Fink. The signatory for Soon Hee Kim was Soon Hee Kim. The contract date was December 19, 2023. A prior signatory for the seller entity was Robert Fink. The Fink family sold development rights to Forkosh Development previously.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Soon Hee Kim had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Scott Fink 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 Scott Fink, head officer and Zoran Gajic, site manager. The business entity is 398 Third Ave Realty Llc.

The property

The residential walkup building with 16 residential units in Kips Bay has 12,595 square feet of built space and 17,031 square feet of additional air rights for a total buildable of 29,620 square feet according to a PincusCo analysis of city data. The parcel has frontage of 24 feet and is 120 feet deep with a total lot size of 2,962 square feet. The zoning is C2-8 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.9 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 $312 in ECB penalties and $462 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 11 of the 27 commercial properties representing 224,743 square feet of the 463,378 square feet. The largest owner is Zucker Organization, followed by Wexler Family and then Virachart Pokpoonpipat.
On the tax block, there were three new building construction projects totaling 102,971 square feet. The largest is a six-unit, 37,911 square-foot hotel/dormitory/shelter (R-1) building submitted by Skyland Management and filed by Daniel Dabakaroff with plans filed July 10, 2018 and it has not been permitted yet. The second largest is a 56-unit, 33,667 square-foot residential (R-2) building submitted by Skyland Management and filed by Daniel Dabakaroff with plans filed August 8, 2018 and it has not been permitted yet.

The majority, or 37 percent of the 463,378 square feet of built space are elevator buildings, with office buildings next occupying 35 percent of the space.

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