East West Bank Building at 77 Bowery for Sale
This image has been archived or removed.
[Photo: Google Maps]An interesting real estate listing just surfaced for 77 Bowery, via Massey Knakal. You’ll recall that this hulking Chinatown tower near Canal Street changed hands last December for about $20 million; buyer was Keystone Equities. It was reported at the time that East West Bank, who sold the property, would remain commercial tenant after the transaction. Moreover, the new owners would sink an additional $2 million into rather ambiguous building renovations.
Now three months later, Keystone is hoping to unload the retail condo, which spans the four lower levels (2 cellars, mezzanine, ground). Asking price for the 13,597 square-foot property is $13.15 million. Apparently the bank is on a triple-net-lease through 2023 with two 5-year renewal options.
As for those renovations – the Massey Knakal brokerbabble reveals that some sort of condo conversion is underway:
The subject property is a 13,597 SF retail condominium located on the east side of Bowery on the corner of Canal Street at the intersection of vibrant Chinatown and the Lower East Side. The condominium’s 4 levels are NNN leased by East West Bank, the largest Asian-American bank and one of the 50 largest banks in the United States. The bank’s focus on East Asian consumers makes this location ideal, and of its 124 domestic branches, the branch at 77 Bowery is its top performer on the east coast, yielding over $138 million annually in deposits. The NNN lease offers a new 10 year term running through 2023 as well as two 5-year renewal options. The base rent of $625,000 increases 3.00% per annum for the duration of the lease.
This retail condo is situated in a premier NYC submarket and benefits from a tremendous amount of foot traffic from the highly dense neighborhood of Chinatown. In addition to benefiting from the surrounding demographics, 77 Bowery is accessible to all major Manhattan destinations as well as Brooklyn and Queens by means of the B,D,N,Q,R,J,Z and 6 Subway lines. Current ownership is in the process of converting the building to a condominium and will deliver the retail as a separate retail condominium unit upon sale.
Recent Stories
Demolition Begins at Fire-Stricken Dim Sum Palace Building in Chinatown
Demolition started this week at 6 Chatham Square, which, until this month, housed neighborhood favorite Dim Sum Palace. Early morning May 1, a fire in the kitchen spread throughout the building, triggering a five-alarm response from the fire department. All told, five firefighters were injured battling the inferno over several hours. And according to Red […]
Eldridge Street Development Sells for $19.24M
A major real estate deal to report on Eldridge Street. It took three years, but the eight-story mixed-use building at 165 Eldridge traded last week for $19.25 million. Just under the initial 2019 asking price of $21 million. Buyer of record is Meng Lee and Karim Elsayyad of FREO Management. The transaction is not yet […]
The ‘Barrier Reefs’ Coming to Clinton Street Bike Lane
The Department of Transportation has chosen a winner to decorate the traffic barrier protecting the Clinton Street bike line. The city agency awarded artist Alison Cynamon as part of the ongoing Barrier Beautification mural project. The concrete slab runs from Delancey Street to South Street; an 840-foot stretch with roughly 1,980 square-feet of canvas to […]
Redlining the LES: How Discriminatory Lending Policies Solidified Pre-Existing Inequalities
The following was written by Anna Sargeantson. All photos courtesy of Anna Sargeantson, except where otherwise noted. Home to dimly lit restaurants and bars frequented by NYU students and young professionals, the Lower East Side remains in many ways the epitome of New York City’s youthful heart. Under the surface, though, the neighborhood has historically […]
Ed Higgins Gets ‘Mail Art’ Retrospective at Van Der Plas Gallery on Orchard Street
Fresh off featuring his art in Ludlow Coffee Supply, the Van Der Plas Gallery of Orchard Street is now dedicating a full artist retrospective to the late Ed Higgins. Higgins, known as a pillar of the “Rivington School” movement in the 1980s Lower East Side, and for his unique “Mail Art,” died last December at […]
