Tokyo-based firm pays $6.7M for 7-unit walkup in Midtown West

Tokyo, Japan-based Tsukiji Ltd. through the entity Tsukiji KK Corporation paid $6.7 million to Megumi Ito through the entity 115 W 57th Holdings, LLC for the seven-unit residential walkup building (C7) at 115 West 57th Street in Midtown West, Manhattan. The expected use is cash flowing.
The deal closed on April 1, 2025 and was recorded on April 9, 2025. The property has 8,790 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $756 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 21, 2009, for $5.8 million. The signatory for Megumi Ito was Megumi Ito. The signatory for Tsukiji Ltd. was Kyu Kim. The contract date was January 29, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Tsukiji Ltd. had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Megumi Ito 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 Ataka Narumi, head officer and John Vella, site manager. The business entities are Q-Re Sales Co. Ltd. and 115 W 57th Holdings Llc. The 8,790-square-foot property generated revenue of $429,392 or $49 per square foot, according to the most recent income and expense figures.

The property

The residential walkup building with 7 residential units in Midtown West has 8,790 square feet of built space. The parcel has frontage of 20 feet and is 85 feet deep with a total lot size of 1,685 square feet. The lot is irregular. The zoning is C5-3 which allows for up to 15 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 $10.2 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 $6,855 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 five of the 13 commercial properties representing 414,674 square feet of the 608,474 square feet. The largest owner is Zar Property NY, followed by ABR Investment Partners and then S.W. Management.
On the tax block, there were two new building construction projects totaling 1,555,607 square feet. The largest is a 1,502,992 square-foot business (B) building submitted by Alchemy Properties and filed by Kenneth Horn with plans filed November 13, 2019 and permitted September 14, 2022.

The majority, or 54 percent of the 608,474 square feet of built space are hotel buildings, with office buildings next occupying 18 percent of the space.

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