Sung Soo Han pays $13M for mixed-use in Financial District

Sung Soo Han through the entity Hjs Tribeca LLC paid $13 million to Anthony LoConte through the entity 67 Murray Street, L.L.C. for the four-unit mixed-use building (S9) at 67 Murray Street in the Financial District, Manhattan.
The deal closed on July 20, 2023 and was recorded on July 31, 2023. The property has 12,300 square feet of built space and 2,748 square feet of additional air rights for a total buildable of 15,043 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,056 and the price per buildable square foot is $864 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 February 24, 2014, for $12 million. The signatory for Anthony LoConte was Anthony LoConte. The signatory for Sung Soo Han was John H. Lee. The contract date was May 24, 2023. The buyer entity identifies Sung Soo Han as CEO and the entity is in care of an accountant.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Sung Soo Han had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Anthony LoConte 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 Gabriella Loconte, head officer and Julien Marchese, agent. The business entities are Unlmtd Real Estate and 67 Murray Street Llc.

The property

The mixed-use building with 4 residential units in Financial District has 12,300 square feet of built space and 2,748 square feet of additional air rights for a total buildable of 15,043 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,499 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $8.1 million. The most recent loan totaled $9 million and was provided by BCB Community Bank on October 27, 2022.

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 $600 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 neighborhood

In Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 4th highest sale turnover among other neighborhoods in the city with $2.6 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 9.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 10 commercial properties representing 20,860 square feet of the 88,785 square feet. The two identified owners are Westfair Property Management and Neue Urban.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 88,785 square feet of built space are mixed-use buildings, with office buildings next occupying 33 percent of the space.

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