East West Bank Building at 77 Bowery Fetches $20 Million
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[Photo: Google Maps]One of the uglier, Office Space-style buildings in Chinatown was just sold for a hefty sum. The East West Bank at 77 Bowery recently fetched $20 million last week at the hands of Keystone Equities, reports the Real Deal. The financial institution had purchased the eight-story, 40,051-square-foot property from United Commercial Bank during the economic downturn.
As part of the all-cash deal, East West Bank will reportedly remain a lessee on premises.
The sale is further indication of the Chinatown gold rush. Keystone principal Jonathan Zamir noted:
Chinatown has been red-flagged for years and now it’s the jewel of Manhattan. This is one of the premier assets located within that submarket.