Susan Showsan Lin pays $6M to Forrest Partners for 5-unit walkup in Lower East Side

Susan Showsan Lin through the entity Senary Group Holdings, L.P. paid $6 million to Forrest Partners through the entity Ddcm 133 Ludlow LLC for the five-unit residential walkup building (C4) at 98 Rivington Street in Lower East Side, Manhattan.
The deal closed on June 25, 2024 and was recorded on July 24, 2024. The property has 4,300 square feet of built space and 2,293 square feet of additional air rights for a total buildable of 6,600 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,395 and the price per buildable square foot is $909 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 July 30, 2009, for $4 million. The signatory for Forrest Partners was Edward J. Bullard Jr. The signatory for Susan Showsan Lin was Susan Showsan Lin. The contract date was April 11, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Susan Showsan Lin had purchased any other properties and sold one property in one transaction for a total of $13 million over the past 24 months.
The seller Forrest Partners 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 Michael Forrest, head officer and Alberto Veloz, site manager. The business entity is Ddcm 133 Ludlow Llc.

The property

The residential walkup building with 5 residential units in Lower East Side has 4,300 square feet of built space and 2,293 square feet of additional air rights for a total buildable of 6,600 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 66 feet deep with a total lot size of 1,650 square feet. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.4 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 not received any significant violations 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 50 commercial properties representing 162,432 square feet of the 515,045 square feet. The largest owner is 145 Ludlow Llc, followed by Akelius and then Delshah Capital.
On the tax block, there was one new building construction project filed totaling 2,126 square feet. It is a 2,126 square-foot mercantile (M) building submitted by Hesky Haim with plans filed July 17, 2015 and it has not been permitted yet.

The majority, or 50 percent of the 515,045 square feet of built space are walkup buildings, with elevator buildings next occupying 23 percent of the space.

The seller

The PincusCo database currently indicates that Forrest Partners owned at least one commercial property with 16 residential units in New York City with 9,735 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio has $5.6 million in debt, borrowed from Safra National Bank. The portfolio consists of at least a single walkup property. It is located in Manhattan.

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