William Changhee Han pays $2.6M for retail condo in Financial District
William Changhee Han through the entity Tribeca Fairfax LLC paid $2.6 million to James Brett Jordan through the entity 55 Murray LLC for the retail condo at 55 Warren Street in Financial District, Manhattan.
The deal closed on July 24, 2023 and was recorded on August 14, 2023. The property has 3,165 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $821 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 February 22, 2012, for $2.6 million.
The property
The parcel has a total lot size of 3,165 square feet. The city-designated market value for the property in 2022 is $1.2 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 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 Financial District, The majority, or 74 percent of the 79.9 million square feet of commercial built space are office buildings, with elevator buildings next occupying 15 percent of the space. In sales, Financial District has the 3rd highest sale turnover among other neighborhoods in the city with $2.9 billion in sales volume in the last two years. For development, Financial District is the 3rd most active neighborhood among other neighborhoods. It had 9.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 12 percent of the neighborhood’s built space.
The block
On the tax block, there was one new building construction project filed totaling 55,071 square feet. It is a 23-unit, 55,071 square-foot residential (R-2) building submitted by Cape Advisors and filed by Craig Wood with plans filed March 21, 2016 and permitted May 8, 2018.
The majority, or 64 percent of the 103,701 square feet of built space are elevator buildings, with mixed-use buildings next occupying 32 percent of the space.
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