Two Adjacent Chinatown Office Buildings Sold By Massey Knakal
Two adjacent office buildings at 40-42 Elizabeth Streetand159-165 Canal Street, located on the corner of Elizabeth and Canal Streets in the heart of Manhattan’s Chinatown neighborhood, were sold in an all-cash transaction valued at $33,600,000. The properties combine for approximately 29,425 square feet, and the sale price equates to approximately $1,142 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.
“This was a fantastic transaction because both the sellers and the buyers were able to walk away feeling good. Because we were able to sell the properties together, the buyers saw more potential to unlock value and were willing to pay a premium for each property, allowing us to set a record price per square foot for Canal Street and achieve 15% above-market for a side street in the neighborhood,” said CEO Paul J. Massey, Jr., who exclusively handled this transaction with Robert Burton and Nick Petkoff. Isaac and Joseph Oved of The Oved Group purchased the buildings.
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.