Thomas Tseming Young pays $5.2M for retail in Midtown West

Thomas Tseming Young through the entity West Moore 55 LLC paid $5.2 million to Tatsunori Yamada through the entity Japas Enterprises, Inc. for the retail building (K2) at 251 West 55th Street in Midtown West, Manhattan.
The deal closed on June 30, 2023 and was recorded on July 10, 2023. The property has 2,239 square feet of built space and 17,822 square feet of additional air rights for a total buildable of 20,070 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $2,322 and the price per buildable square foot is $259 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 January 26, 2011, for $350,000. The signatory for Tatsunori Yamada was Tatsunori Yamada. The signatory for Thomas Tseming Young was Thomas Tseming Young.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Thomas Tseming Young had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Tatsunori Yamada had not purchased any other properties and had not sold any properties over the same time period. The 2,239-square-foot property generated revenue of $362,315 or $162 per square foot, according to the most recent income and expense figures.

The property

The retail building in Midtown West has 2,239 square feet of built space and 17,822 square feet of additional air rights for a total buildable of 20,070 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,007 square feet. The zoning is C6-4 which allows for up to 10 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 $1.9 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 $50 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 Midtown West, The majority, or 75 percent of the 75.9 million square feet of commercial built space are office buildings, with hotel buildings next occupying 14 percent of the space. In sales, Midtown West has the 6th highest sale turnover among other neighborhoods in the city with $2.3 billion in sales volume in the last two years. For development, Midtown West is the most active neighborhood among other neighborhoods. It had 19 million square feet of commercial and multi-family construction under development in the last two years, which represents 25 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of six of the 20 commercial properties representing 103,702 square feet of the 723,648 square feet. The largest owner is James T. Kim, followed by East West Realty and then David Mandelbaum.
There are no active new building construction projects on this tax block.

The majority, or 81 percent of the 723,648 square feet of built space are office buildings, with hotel buildings next occupying 6 percent of the space.

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