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

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
Amazon leases half of the building. (Google Maps, Getty)
Here’s what Amazon and others are paying at 601W’s 410 Tenth Avenue
Here’s what Amazon and others are paying at 601W’s 410 Tenth Avenue
Photo illustration of RXR Realty CEO Scott Rechler (Getty, iStock)
Office landlords offer no-wait Covid tests to lure workers back
Office landlords offer no-wait Covid tests to lure workers back
Rudin Management's Bill Rudin, 1675 Broadway and Gannett CEO Mike Reed (Getty, Google Maps, Gannett)
Gannett to move its NYC office two blocks north
Gannett to move its NYC office two blocks north
HSBC COO John Hinshaw (Getty, iStock)
HSBC to shrink its office footprint amid shift to WFH
HSBC to shrink its office footprint amid shift to WFH
Columbia Property Trust CEO Nelson Mills and renderings of 799 Broadway. (Columbia, 799 Broadway)
Columbia Property Trust’s rent collection stays steady in Q4
Columbia Property Trust’s rent collection stays steady in Q4
Tony Malkin (Getty, iStock)
Empire State Realty Trust reports 97.5% drop in Q4 earnings
Empire State Realty Trust reports 97.5% drop in Q4 earnings
(iStock)
Big companies delay returning to offices — again
Big companies delay returning to offices — again
Vornado's Steve Roth, 555 California Street in San Francisco and Donald Trump (Getty, Wikipedia Commons)
Vornado, Trump Org lock in big renewals at SF office tower
Vornado, Trump Org lock in big renewals at SF office tower
arrow_forward_ios

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

Loading...