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THREE OFFICE BUILDINGS IN NYC’S CHINATOWN SELL FOR $95M

NEW YORK CITY — Three office buildings located at 164-168 Canal St., 40-42 Elizabeth St. and 159-165 Canal St. in Manhattan’s Chinatown neighborhood have sold for $95.5 million. The properties total 79,375 square feet. The six-story, 49,950-square-foot building located at 164-168 Canal St. was 70 percent occupied at the time of sale by tenants such as Citibank and NY Life & Co. George Comfort & Sons Inc. and ASB Real Estate Investments purchased the building for $61.9 million, or $1,239 per square foot. The five-story, 24,425-square-foot office building at 40-42 Elizabeth St. includes two ground-floor retail spaces with 16 office units above. The two-story, 5,000-square-foot office property at 159-165 Canal St. includes ground-floor retail and is anchored by First Republic Bank. Isaac and Joseph Oved of The Oved Group purchased the two buildings at 40-42 Elizabeth St. and 159-165 Canal St. for $33.6 million, or $1,142 per square foot. Paul Massey Jr., Robert Burton and Nick Petkoff of Massey Knakal arranged the transactions on behalf of a family who sold the buildings.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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