Wing Wah Kwok pays $4.8M for mixed-use in Lower East Side

Wing Wah Kwok, without an LLC, paid $4.8 million to Shalom Neuman through the entity 57 Fusion LLC for the two-unit mixed-use building (S9) at 57 Stanton Street in Lower East Side, Manhattan. The expected use is cash flowing.
The deal closed on March 31, 2026 and was recorded on April 13, 2026. The property has 4,070 square feet of built space and 4,371 square feet of additional air rights for a total buildable of 8,448 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,179 and the price per buildable square foot is $568 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 Shalom Neuman was Shalom Neuman. The signatory for Wing Wah Kwok was Wing Wah Kwok. The contract date was February 10, 2026.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Wing Wah Kwok had purchased any other properties and sold one property in one transaction for a total of $5.7 million over the past 24 months.
The seller Shalom Neuman had not purchased any other properties and had not sold any properties over the same time period.

The property

The mixed-use building with 2 residential units in Lower East Side has 4,070 square feet of built space and 4,371 square feet of additional air rights for a total buildable of 8,448 square feet according to a PincusCo analysis of city data. The parcel has frontage of 22 feet and is 75 feet deep with a total lot size of 2,112 square feet. The lot is irregular. The zoning is C4-4A which allows for up to 4 times floor area ratio (FAR) for commercial and up to 4 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.7 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 $280 in ECB penalties and $430 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 Lower East Side, The majority, or 51 percent of the 23.8 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 1.6 times the average sales volume among other neighborhoods with $527.7 million in sales volume in the last two years and is the 21st highest in Manhattan. For development, Lower East Side has had very little major development activity relative to other neighborhoods.It had 1.1 million 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. There were 168 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 one of the eight commercial properties representing 69,800 square feet of the 166,277 square feet. The identified owner is New York City Housing Authority.
There are no active new building construction projects on this tax block.

The majority, or 61 percent of the 166,277 square feet of built space are walkup buildings, with elevator buildings next occupying 34 percent of the space.

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