East West Bank Building at 77 Bowery for Sale

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[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.