Chinatown Portfolio Sold For $95 Million By Massey Knakal
Threeoffice buildings at 164-168 Canal Street, 40-42 Elizabeth Street and 159-165 Canal Street, have been sold in two all-cash transactions with an aggregate value of $95,500,000. The properties are located on the corner of Canal and Elizabeth Streets in Manhattan’s Chinatown neighborhood and combined for approximately 79,375 square feet.
164-168 Canal Street is a six-story building that contains approximately 49,950 square feet and sits on a 47’ x 100’ lot. Approximately 70% of the building is occupied by credit tenants Citibank and NY Life & Co. This property features two lobbies and is serviced by two high-speed elevators, a full-time concierge, central HVAC throughout the entire building, and security cameras. Additionally, there is approximately 3,178 square feet of air rights, which could be used for a potential penthouse. Located a block away from the Bowery and boasting sweeping roof top views, the potential roof top addition can be used for residential or commercial use. The building was purchasedby George Comfort & Sons, Inc. with ASB Real Estate Investments,in an all-cash transaction valued at $61,900,000. The sale price equates to approximately $1,239 per square foot.
40-42 Elizabeth Streetis a five-story renovated office building containing approximately 24,425 square feet on a 50’ x 100.25’ lot. It consists of two ground floor retail stores with 16 office units above, and the basement is used for storage and mechanicals for the building. 159-165 Canal Street is a two-story building containing approximately 5,000 square feet on a 100.17’ x 25’ lot. It consists of six ground floor retail tenants anchored by First Republic Bank, with office tenants above. The buildings were purchased byIsaac and Joseph Oved of The Oved Group in an all-cash transaction valued at $33,600,000, with the sale price equating to approximately $1,142 per square foot.
The properties are located on the corner of two of the busiest downtown streets and are easily accessible from all corners of New York City by car and public transportation.
“These three excellent properties are situated on busy corners of a street and in a neighborhood that is really taking off. Having three buildings available at the same intersection generated a ton of initial interest, with investors and developers looking both at buying the properties individually and as a package,” said Massey Knakal CEO Paul J. Massey, Jr., who exclusively handled these transactions with Robert Burton and Nick Petkoff. “Ultimately, we wound up in competitive bidding situations and sold 159-165 Canal Street and 40-42 Elizabeth Street as a package, and 164-168 Canal Street separately. The family that sold the buildings had the security of knowing that they had reached out to the entire market and that they were getting the highest prices and best terms available,” Paul Massey added.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.