Winston Wang pays $3.6M for 8-unit walkup in Chinatown

Winston Wang through the entity W133 Holdings LLC paid $3.6 million to Vivienne Sy through the entity Symaco Inc for the midblock eight-unit residential walkup building at 133 East Broadway in Chinatown, Manhattan.
The deal closed on March 15, 2022 and was recorded on March 31, 2022.

The property has 7,000 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $511 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 Vivienne Sy was Vivienne Sy. The signatory for Winston Wang was Winston Wang.

Prior sales and revenue

Prior to this transaction, Pincusco has no record that the buyer Winston Wang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Vivienne Sy had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Vivienne Sy, head officer and Jonathan Sy, officer. The business entity is Symaco Inc.

The property

The 133 East Broadway parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,875 square feet. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $3.1 million.

Violations and lawsuits

The property was not involved in any lawsuits or bankruptcies in the past years. In addition, according to city public data, the property has received $1,250 in ECB penalties, five housing violations, and $1,250 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 $5 million on this tax lot.

The neighborhood

In Chinatown, the bulk, or 33 percent of the 9 million square feet of commercial built space are residential walkup buildings, with mixed-use buildings next occupying 16 percent of the space. In sales, Chinatown has had very little sales volume relative to other neighborhoods with $109.6 million in sales volume in the last two years. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 261,484 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other residential walkup buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of five of the 65 commercial properties representing 52,356 square feet of the 534,766 square feet. The largest owner is Gilman Management, followed by Judy Cheung and then Asian Americans for Equality. There are no active new building construction projects on this tax block.

the majority, or 43 percent of the 623,706 square feet of built space are residential walkup buildings, with specialty buildings next occupying 22 percent of the space.

Surrounding

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 133 East Broadway that occurred over the past 24 months.

Direct link to Acris document. link