Zhi Lin pays $3M for retail in Hell’s Kitchen
Zhi Lin through the entity J&G Star LLC paid $3 million to Lilian Anastasakis through the entity L.T.A Properties Corp. for the two-unit mixed-use building (K4) at 852 10th Avenue in Hell’s Kitchen, Manhattan.
The deal closed on July 7, 2023 and was recorded on July 17, 2023. The property has 4,522 square feet of built space and 5,306 square feet of additional air rights for a total buildable of 9,828 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $663 and the price per buildable square foot is $305 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 Lilian Anastasakis was Lilian Anastasakis. The signatory for Zhi Lin was Zhi Lin.
Prior sales and revenue
Prior to this transaction, PincusCo has records that the buyer Zhi Lin purchased three properties in two transactions for a total of $8.1 million and has no record it sold any properties over the past 24 months.
The seller Lilian Anastasakis had not purchased any other properties and had not sold any properties over the same time period. The 4,522-square-foot property generated revenue of $322,332 or $71 per square foot, according to the most recent income and expense figures.
The property
The mixed-use building with 2 residential units in Hell’s Kitchen has 4,522 square feet of built space and 5,306 square feet of additional air rights for a total buildable of 9,828 square feet according to a PincusCo analysis of city data. The parcel has frontage of 21 feet and is 61 feet deep with a total lot size of 1,307 square feet. The zoning is C2-7 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 $1.6 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 $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 $1 million on this tax lot.
The neighborhood
In Hell’s Kitchen, The bulk, or 39 percent of the 40.6 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 18 percent of the space. In sales, Hell’s Kitchen has 3.5 times the average sales volume among other neighborhoods with $1.2 billion in sales volume in the last two years and is the 11th highest in Manhattan. For development, Hell’s Kitchen is the 8th most active neighborhood among other neighborhoods. It had 4.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 11 percent of the neighborhood’s built space.
The block
On this tax block, PincusCo has identified the owners of nine of the 25 commercial properties representing 604,043 square feet of the 894,827 square feet. The largest owner is Yellowstone Real Estate Investments, followed by Scharfman Organization and then PH Realty Capital.
There are no active new building construction projects on this tax block.
The majority, or 49 percent of the 894,827 square feet of built space are hotel buildings, with elevator buildings next occupying 28 percent of the space.
The buyer
The PincusCo database currently indicates that Zhi Lin owned at least seven commercial properties with 55 residential units in New York City with 40,949 square feet and a city-determined market value of $6.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 70 percent of the 40,949 square feet of built space are walkup properties, with mixed-use properties next occupying 30 percent of the space. The bulk, or 57 percent of the built space, is in Queens, with Manhattan next at 43 percent of the space.