Wen Wen Li pays $3.3M for mixed-use in Chinatown

Wen Wen Li through the entity Ri Feng LLC paid $3.3 million to Andrew G. Chin and Michael Gene Fay Chin through the entity Broadway Liberty Corp. for the two-unit mixed-use building (K4) at 57 East Broadway in Chinatown, Manhattan. The expected use is cash flowing.
The deal closed on April 22, 2026 and was recorded on May 4, 2026. The property has 6,283 square feet of built space and 168 square feet of additional air rights for a total buildable of 6,450 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $525 and the price per buildable square foot is $512 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 Andrew G. Chin and Michael Gene Fay Chin was Andrew G. Chin and Michael Gene Fay Chin. The signatory for Wen Wen Li was Wen Wen Li. The contract date was March 23, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Wen Wen Li had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Andrew G. Chin had not purchased any other properties and had not sold any properties over the same time period. The 6,283-square-foot property generated revenue of $465,948 or $74 per square foot, according to the most recent income and expense figures.

The property

The mixed-use building with 2 residential units in Chinatown has 6,283 square feet of built space and 168 square feet of additional air rights for a total buildable of 6,450 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,875 square feet. The city-designated market value for the property in 2022 is $1.9 million.

Transaction Participants

Lois Hwang participated in the transaction on behalf of the buyer.

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 $500 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 1.4 times the average sales volume among other neighborhoods with $493.9 million in sales volume in the last two years and is the 23rd highest in Manhattan. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 542,348 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 14 of the 38 commercial properties representing 273,172 square feet of the 501,568 square feet. The largest owner is Yi K. Lam, followed by Albert Malekan and then Conway Capital.
On the tax block, there were two new building construction projects totaling 115,450 square feet. The largest is a 80-unit, 97,700 square-foot residential (R-2) building submitted by W&L Group and filed by Thomas Wang with plans filed May 29, 2019 and permitted March 28, 2022. The second largest is a 17,750 square-foot industrial (F-2) building submitted by Simone Sarcona with plans filed January 26, 2022 and it has not been permitted yet.

The majority, or 34 percent of the 501,568 square feet of built space are walkup buildings, with elevator buildings next occupying 26 percent of the space.

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