Keystone Equities puts Chinatown building’s offices on block

Seven floors of East West Bank location at 77 Bowery expected to sell for up to $30M

TRD New York /
Oct.October 06, 2014 02:00 PM

UPDATED, 3:08 p.m., Oct. 6: Jonathan Zamir’s Keystone Equities has put the seven-floor office condominium component of the East West Bank building in Chinatown on the market, The Real Deal has learned. The property is expected to sell for as much as $30 million, according to sources close to the deal. 

The East West Bank Building at 77 Bowery, near the Manhattan Bridge approach ramp,  is eight stories tall, With The Top Floor Featuring A Rooftop Terrace. The bank occupies the ground-floor retail condo, which is not part of the offering. The 27,700-square-foot office condo space will be delivered vacant upon closing, according to documents obtained by The Real Deal.

Commercial brokerage Eastern Consolidated and Auction.com, a marketplace website specializing in both commercial properties and single-family home foreclosures, partnered to help sell it. Offers must be submitted through Auction.com between Nov. 17 and 19. The starting bid is $5.5 million, documents showed.

Despite taking the auction route, the building is not in foreclosure.

“Combined with Eastern’s track record and the unusual potential for users nationally, we think the joint platform is novel and would like to try it,” said David Schechtman, executive managing director and principal at Eastern Consolidated.

Schechtman, who is representing the seller, declined to comment about pricing.

Keystone and an undisclosed private equity firm jointly paid $20 million for the entire building in December 2012, as The Real Deal reported. At the time, East West Bank signed a long-term lease for its existing space.

The retail space – which holds 3,700 square feet on the ground floor, 2,026 square on the mezzanine floor and 7,850 square feet of cellar and sub-cellar space — changed hands for $12.5 million earlier this year.


Related Articles

arrow_forward_ios
Colliers’ Jay Hennick (iStock; Colliers)

Colliers’ profit rebounds

Colliers’ profit rebounds
JPM asset CEO Mary Callahan Erdoes and 605 Third Avenue (Getty; Google Maps)

JPMorgan eyes $600M valuation for Third Ave office tower

JPMorgan eyes $600M valuation for Third Ave office tower
KABR Group CEO Kenneth Pasternak and 85 Challenger Road in Ridgefield Park, NJ (Photos via KABR)

KABR sells New Jersey building for reported $60M

KABR sells New Jersey building for reported $60M
Bruce Flatt, Arjun Menda and Chennai (Brookfield, RMZ Corp, iStock)

Brookfield’s $2B India office buy would be biggest in country’s history

Brookfield’s $2B India office buy would be biggest in country’s history
20 West 33rd Street (20West33rd)

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project

Furnishing firm picks up 4 condos at 60 Guilders, Carlyle’s Midtown South project
Four New York Plaza (Photo via Hines)

Four New York Plaza office tower hits the market

Four New York Plaza office tower hits the market
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
arrow_forward_ios

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

Loading...