Yu-Ming Wu, Wendy Lam pay $2.2M for office condo in Chinatown

Yu-Ming Wu and Wendy Lam through the entity Bowery7a LLC paid $2.2 million to Steve S. Cheung through the entity 89 Bowery Realty LLC for the office condo at 89 Bowery in Chinatown, Manhattan.
The deal closed on July 24, 2023 and was recorded on July 28, 2023. The property has 2,148 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,040 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 Steve S. Cheung was Steve S. Cheung. The signatory for Yu-Ming Wu and Wendy Lam was Y-Ming Wu and Wendy Lam. The contract date was April 26, 2023.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yu-Ming Wu had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Steve S. Cheung had not purchased any other properties and sold three properties in two transactions for a total of $21.5 million over the same time period.

The property

The office condo in Chinatown has 2,148 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 2,148 square feet. The city-designated market value for the property in 2022 is $486,526. The most recent loan totaled $6.8 million and was provided by Maxim Credit Group on July 28, 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 not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on January 22, 2021. 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 Chinatown, The bulk, or 36 percent of the 8.4 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space. In sales, Chinatown has had very little sales volume relative to other neighborhoods with $174.3 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 586,507 square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space. There was one pre-foreclosure suit filed among other office buildings in the past 12 months.

The block

On this tax block, PincusCo has identified the owners of one of the 16 commercial properties representing 41,872 square feet of the 259,938 square feet. The identified owner is Lam Generation.
On the tax block, there was one new building construction project filed totaling 14,427 square feet. It is a eight-unit, 14,427 square-foot residential (R-2) building submitted by Ruoxu You with plans filed April 1, 2022 and permitted June 23, 2023.

The majority, or 43 percent of the 259,938 square feet of built space are hotel buildings, with mixed-use buildings next occupying 20 percent of the space.

The seller

The PincusCo database currently indicates that Steve S. Cheung owned at least one commercial property with 19 residential units in New York City with 25,000 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio has $5 million in debt, borrowed from Popular Bank. The portfolio consists of at least a single elevator property. It is located in Queens.

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