Young Ok Park pays $3.1M for mixed-use in Kips Bay
Young Ok Park through the entity 529-2 Ave NY LLC paid $3.1 million to the entity I T Realty LLC for the three-unit mixed-use building (S3) at 529 2nd Avenue in Kips Bay, Manhattan.
The deal closed on January 26, 2024 and was recorded on February 8, 2024. The property has 3,597 square feet of built space and 9,511 square feet of additional air rights for a total buildable of 13,099 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $861 and the price per buildable square foot is $236 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 the seller, an entity affiliated with Mary Iacono and Nina Iacono, was Joshua Garfinkel. The signatory for Young Ok Park was Young Ok Park. The contract date was November 6, 2023. Mary Iacono and Nina Iacono were identified as the owners in a deed transfer in 2001.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Young Ok Park purchased one property in one transaction for a total of $2.4 million and has no record it sold any properties over the past 24 months.
The seller Mary Iacono 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 Mary Iacono, head officer and Nina Iacono, officer. The business entity is It Realty Llc.
The property
The mixed-use building with 3 residential units in Kips Bay has 3,597 square feet of built space and 9,511 square feet of additional air rights for a total buildable of 13,099 square feet according to a PincusCo analysis of city data. The parcel has frontage of 17 feet and is 100 feet deep with a total lot size of 1,742 square feet. The zoning is C1-8A which allows for up to 2 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.6 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 two DOB violations and $300 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 Kips Bay, The bulk, or 50 percent of the 21.5 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 32 percent of the space. In sales, Kips Bay has had very little sales volume relative to other neighborhoods with $225.4 million in sales volume in the last two years. For development, Kips Bay has had very little major development activity relative to other neighborhoods.It had 578,080 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.
The block
On this tax block, PincusCo has identified the owners of 10 of the 19 commercial properties representing 143,352 square feet of the 289,474 square feet. The largest owner is Timothy Mohen, followed by Ranger Management and then Nt 415 3rd Ave Llc.
There are no active new building construction projects on this tax block.
The majority, or 61 percent of the 289,474 square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.
The buyer
The PincusCo database currently indicates that Young Ok Park owned at least one commercial property in New York City with 749 square feet and a city-determined market value of $1.1 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single retail property. It is located in Manhattan.
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