Wang family pays $9.5M to HSBC Bank for retail in Chinatown

Ying Y. Wang, Theresa Y. Yang, and Alexander Wang through the entity Alexander Wang Lifetime Trust paid $9.5 million to HSBC Bank through the entity Citizens Savings Bank Of The City Of New York for the retail building (K7) at 58 Bowery in Chinatown, Manhattan. The expected use is cash flowing.
The deal closed on July 24, 2025 and was recorded on August 12, 2025. The property has 17,616 square feet of built space and 12,677 square feet of additional air rights for a total buildable of 30,285 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $539 and the price per buildable square foot is $313 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 HSBC Bank was Robert A. Morelli. The signatory for Ying Y. Wang, Theresa Y. Yang, and Alexander Wang was Ying Y. Wang, Theresa Y. Yang, and Alexander Wang. The contract date was July 22, 2025. The bank predecessor, Citizens Savings Bank, acquired the parcel in 1923, and the building was completed in 1924. However, the bank, chartered in 1860 in New York, operated from this location since 1862, according to the city landmark designation report, from 2011.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Ying Y. Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller HSBC Bank had not purchased any other properties and had not sold any properties over the same time period.

The property

The retail building in Chinatown has 17,616 square feet of built space and 12,677 square feet of additional air rights for a total buildable of 30,285 square feet according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 126 feet deep with a total lot size of 8,804 square feet. The lot is irregular. The property is in the Individual Landmark. The city-designated market value for the property in 2022 is $5.1 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 one DOB violation and $1,050 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 Chinatown, The bulk, or 36 percent of the 8.4 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space. In sales, Chinatown has near average sales volume among other neighborhoods with $235.2 million in sales volume in the last two years and is the 28th highest in Manhattan. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 447,887 square feet of commercial and multi-family construction under development in the last two years, which represents 5 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the 11 commercial properties representing 22,116 square feet of the 261,304 square feet. The two identified owners are Alexander Wang for this building and Hershey Chan Rlty Inc.
There are no active new building construction projects on this tax block.

The majority, or 57 percent of the 261,304 square feet of built space are hotel buildings, with mixed-use buildings next occupying 28 percent of the space.

The buyer

The PincusCo database currently indicates that Theresa Y. Yang owned at least one commercial property in New York City with 17,616 square feet and a city-determined market value of $4.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Manhattan.
The PincusCo database currently indicates that Ying Y. Wang owned at least one commercial property in New York City with 17,616 square feet and a city-determined market value of $4.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Manhattan.
The PincusCo database currently indicates that Alexander Wang owned at least one commercial property in New York City with 17,616 square feet and a city-determined market value of $4.7 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Manhattan.

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