Yu Zhen Huang pays $4.8M to Calvin Lee for 17-unit walkup in Lower East Side

Yu Zhen Huang through the entity Yong Li Property LLC paid $4.8 million to Calvin Lee through the entity Kaytoy Realty Corp. for 17-unit residential walkup building at 107 Hester Street in Lower East Side, Manhattan.
The deal closed on March 3, 2022 and was recorded on March 31, 2022.
The corner property has 10,236 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $468 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 Calvin Lee was Calvin Lee. The signatory for Yu Zhen Huang was Yu Zhen Huang.

Prior sales and revenue

Prior to this transaction, PincusCo has no record that the buyer Yu Zhen Huang had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Calvin Lee had not purchased any other properties and had not sold any properties over the same time period. The former owner according to the Department of Housing Preservation and Development is Nathan Lim, head officer. The business entity is Kaytoy Realty Corp. The 10,236-square-foot property generated revenue of $332,965 or $33 per square foot, according to the most recent income and expense figures.

The property

The 107 Hester Street parcel has frontage of 42 feet and is 50 feet deep with a total lot size of 2,125 square feet. The city-designated market value for the property in 2022 is $1.1 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 one housing violation and $1,360 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 Lower East Side, the majority, or 60 percent of the 33.2 million square feet of commercial built space are residential elevator buildings, with residential walkup buildings next occupying 15 percent of the space. In sales, Lower East Side has 2.5 times the average sales volume among other neighborhoods with $677.8 million in sales volume in the last two years and is the 18th highest in Manhattan. For development, Lower East Side has 2.4 times the average amount of major developments relative to other neighborhoods and is the 9th highest in Manhattan. It had 2.2 million 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.

The block

On this tax block, PincusCo has identified the owners of six of the 29 commercial properties representing 73,947 square feet of the 286,918 square feet. The largest owner is Treeline Companies, followed by Black Bear Asset Management and then David Podolsky. There is one filed new building construction project totaling 16,007 square feet. It is a 48-unit, 16,007-square-foot hotel R-1 building developed by Nehalkumar Gandhi with plans filed July 13, 2016 and permitted August 23, 2018.

The majority, or 57 percent of the 306,362 square feet of built space are residential walkup buildings, with mixed-use buildings next occupying 25 percent of the space.

Surrounding

Within a 400-foot radius of 107 Hester Street, PincusCo identified six commercial real estate items of interests occurred over the past 24 months.
Of those six items, two were sales above $5 million totaling $15.6 million. The most recent of the two was Bushwack Capital which bought the 10,612-square-foot, 12-unit rental (C7) on 48 Eldridge Street for $5.2 million from Bokhour Family on March 1, 2022.
Of those six items, four were loans above $5 million totaling $41.2 million. The most recent of the four was David Lawrence Podolsky which borrowed $7.2 million from New York Community Bank secured by the 10,000-square-foot, two-unit mixed-use building (K2) on 283 Grand Street on November 18, 2021.

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