Wang, Zu pays $4.5M for mixed-use in Lenox Hill

Jason Wang and Shufang Zu through the entity Dbmj 1390.5 Second Ave LLC paid $4.5 million to through the entity 1390 1/2, LLC for the three-unit mixed-use building (S3) at 1390 1/2nd Second Avenue in Lenox Hill, Manhattan. The expected use is cash flowing.
The deal closed on June 3, 2025 and was recorded on June 25, 2025. The property has 3,755 square feet of built space and 6,645 square feet of additional air rights for a total buildable of 10,400 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,205 and the price per buildable square foot is $435 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 the seller was Alexandra Rhodie. The signatory for Jason Wang and Shufang Zu was Jason Wang. The contract date was February 20, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Jason Wang purchased two properties in two transactions for a total of $11.4 million and has no record it sold any properties over the past 24 months.
The seller Alexandra Rhodie had not purchased any other properties and had not sold any properties over the same time period. The 3,755-square-foot property generated revenue of $183,432 or $49 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 3 residential units in Lenox Hill has 3,755 square feet of built space and 6,645 square feet of additional air rights for a total buildable of 10,400 square feet according to a PincusCo analysis of city data. The parcel has frontage of 16 feet and is 60 feet deep with a total lot size of 1,040 square feet. The lot is irregular. The zoning is R10A which allows for up to 10 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.9 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 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 neighborhood

In Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $3.5 billion in sales volume in the last two years. For development, Lenox Hill has 2.9 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.4 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the nine commercial properties representing 85,788 square feet of the 144,741 square feet. The two identified owners are Torkian Group and Kenneth Rotner.
There are no active new building construction projects on this tax block.

The majority, or 72 percent of the 144,741 square feet of built space are elevator buildings, with mixed-use buildings next occupying 16 percent of the space.

The buyer

The PincusCo database currently indicates that Jason Wang owned at least six commercial properties with 11 residential units in New York City with 26,031 square feet and a city-determined market value of $6.5 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 64 percent of the 26,031 square feet of built space are mixed-use properties, with office properties next occupying 23 percent of the space. The bulk, or 57 percent of the built space, is in Manhattan, with Queens next at 23 percent of the space.
The PincusCo database currently indicates that Shufang Zu owned at least one commercial property with four residential units in New York City with 8,512 square feet and a city-determined market value of $898,000. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

Direct link to Acris document. link