Tommy Yuen pays $5.7M to Robin Levine for mixed-use in Lower East Side

Tommy Yuen through the entity Leung & Yuen, LLC paid $5.7 million to Robin Levine through the entity Shelrob Realty Corp. for mixed-use building (K4) at 137 Bowery in Lower East Side, Manhattan.
The deal closed on November 22, 2022 and was recorded on November 28, 2022. The property has 10,600 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $540 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 Robin Levine was Robin Levine. The signatory for Tommy Yuen was Tommy Yuen. The property last sold in September 1958.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Tommy Yuen had purchased any other properties and sold two properties in one transactions for a total of $7.5 million over the past 24 months.
The seller Robin Levine had not purchased any other properties and had not sold any properties over the same time period. The 10,600-square-foot property generated revenue of $334,168 or $32 per square foot, according to the most recent income and expense figures.

The property

The 137 Bowery parcel has frontage of 25 feet and is 107 feet deep with a total lot size of 2,674 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $1.7 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property since September of 2020. 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 $5 million on this tax lot.

The neighborhood

In Lower East Side, the bulk, or 50 percent of the 23.9 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 21 percent of the space. In sales, Lower East Side has 2.7 times the average sales volume among other neighborhoods with $911.5 million in sales volume in the last two years and is the 16th highest in Manhattan. For development, Lower East Side has 1.6 times the average amount of major developments relative to other neighborhoods and is the 17th highest in Manhattan. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There were two pre-foreclosure suit filed among other mixed-use buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of eight of the 24 commercial properties representing 61,938 square feet of the 184,004 square feet. The largest owner is City of New York, followed by Marx Realty & Improvement and then Wai Kuen Wong.
On the tax block, there were three new building construction projects totaling 150,356 square feet. The largest is a 303-unit, 88,471-square-foot R-1 building developed by Meghan Bobertz with plans filed April 12, 2019 and permitted February 4, 2020. The second largest is a nine-unit, 8,521-square-foot R-2 building developed by Mayer Berkovits with plans filed April 1, 2021 and it has not been permitted yet.

The majority, or 38 percent of the 169,211 square feet of built space are mixed-use buildings, with office buildings next occupying 32 percent of the space.

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