Xiaoyan Sui pays $6.7M for 9-unit walkup in Hell’s Kitchen

Xiaoyan Sui through the entity 351 W 48 St LLC paid $6.7 million to Sterling Holdings through the entity Landmark Holdings Nyc LLC for the nine-unit residential walkup building (C1) at 351 West 48th Street in Hell’s Kitchen, Manhattan.
The deal closed on May 31, 2024 and was recorded on June 20, 2024. The property has 8,000 square feet of built space and 4,074 square feet of additional air rights for a total buildable of 12,082 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $837 and the price per buildable square foot is $554 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 January 24, 2019, for $5 million. The signatory for Sterling Holdings was Guy Smilovich. The signatory for Xiaoyan Sui was Xiaoyan Sui. The contract date was May 31, 2024.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Xiaoyan Sui had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Sterling Holdings 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 Guy Smilovich, head officer and Josephine Milfort, agent. The business entities are Landmark Holdings Llc and Landmark Holdings Nyc Llc.

The property

The residential walkup building with 9 residential units in Hell’s Kitchen has 8,000 square feet of built space and 4,074 square feet of additional air rights for a total buildable of 12,082 square feet according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 100 feet deep with a total lot size of 2,007 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.5 million. The most recent loan totaled 0.0 and was provided by Euro Pacific Capital on December 17, 2021.

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 $50 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 block

On this tax block, PincusCo has identified the owners of 27 of the 41 commercial properties representing 615,491 square feet of the 745,507 square feet. The largest owner is Sterling Holdings, followed by Solomon Borg and then Joy Construction.
On the tax block, there was one new building construction project filed totaling 58,557 square feet. It is a 203-unit, 58,557 square-foot hotel/dormitory/shelter (R-1) building submitted by Slate Property Group and filed by David Schwartz with plans filed May 24, 2017 and permitted January 4, 2018.

The majority, or 36 percent of the 745,507 square feet of built space are hotel buildings, with walkup buildings next occupying 36 percent of the space.

The seller

The PincusCo database currently indicates that Sterling Holdings owned at least one commercial property with nine residential units in New York City with 8,000 square feet and a city-determined market value of $4.5 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single walkup property. It is located in Manhattan.

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