Keystone pays $20M for Bowery bank building

New York /
Dec.December 21, 2012 06:00 PM

Keystone Equities has paid $20 million for the East West Bank Building, located at 77 Bowery in Chinatown. Matt Ogle, Erin Grace and Patrick Smith of SRS Real Estate Partners brokered the all-cash deal on behalf of East West Bank. The Chinese-American financial institution acquired the eight-story, 40,051-square-foot property from United Commercial Bank during the financial crisis, but the space has remained largely empty since then, according to Jonathan Zamir, the principal at Keystone, which is unrelated to the financial services group of the same name.

In what is part of an emerging trend, Keystone’s partner on the deal was an institutional investor, a coup that Zamir described as a “testament to the strength of our organization.” Zamir declined to name the institutional investor, citing a non-disclosure agreement.

As part of the deal, East West Bank signed a long-term lease for its existing space, but Zamir declined to divulge his specific plans for the rest of the building. He does plan to invest an additional $2 million — including a renovation of the lobby and elevators — into the property.

“Chinatown has been red-flagged for years and now it’s the jewel of Manhattan,” he said. “This is one of the premier assets located within that submarket.” Indeed, property owners have bet heavy on Chinatown recently, with major players such as Vornado Realty Trust snagging properties on Canal Street, as The Real Deal previously reported.

Brokers from SRS Real Estate Partners did not immediately respond to a request for comment.


Related Articles

arrow_forward_ios
Jing Fong (Getty)
Jing Fong shutters as Chinatown faces long road back
Jing Fong shutters as Chinatown faces long road back
Manhattan Detention Complex at 125 White Street and State Supreme Court Judge John Kelley (Google Maps; Ballotpedia)
Chinatown jail that would replace Rikers is halted by judge
Chinatown jail that would replace Rikers is halted by judge
Jin Fong Restaurant at 20 Elizabeth Street and Governor Andrew Cuomo (Credit: Jing Fong by Craig Barritt/Getty Images for VICE Media; Cuomo by ANGELA WEISS/AFP via Getty Images)
NYC’s largest Chinese restaurant closes amid global health crisis
NYC’s largest Chinese restaurant closes amid global health crisis
55-59 Chrystie Street and Rosewood Realty's Greg Corbin (Credit: Google Maps)
Chinatown mixed-use building heads to bankruptcy auction
Chinatown mixed-use building heads to bankruptcy auction
NYC’s multibillion-dollar enigma
NYC’s multibillion-dollar enigma
NYC’s multibillion-dollar enigma
Tenants at Joseph Betesh’s 85 Bowery can move back in soon, spokesperson says
Tenants at Joseph Betesh’s 85 Bowery can move back in soon, spokesperson says
Tenants at Joseph Betesh’s 85 Bowery can move back in soon, spokesperson says
Here’s what Joseph Betesh is paying his tenants in settlement
Here’s what Joseph Betesh is paying his tenants in settlement
Here’s what Joseph Betesh is paying his tenants in settlement
Why 75 tenants were removed from Joseph Betesh’s Chinatown building
Why 75 tenants were removed from
Joseph Betesh’s Chinatown building
Why 75 tenants were removed from
Joseph Betesh’s Chinatown building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...