City Urban Realty to buy Chinatown office building for $25M

NoMad-based investment firm acquiring Canal Street property through estate sale

TRD New York /
Apr.April 22, 2016 02:50 PM

Real estate investor Michael Alvandi’s City Urban Realty is in contract to acquire a six-story Chinatown office building for $25 million, according to city records.

City Urban Realty will acquire the roughly 22,000-square-foot property at 243 Canal Street, between Lafayette and Centre streets, from the estate of the late Sau Tchu Luu Fan, who bought the building in 1971, according to city property records.

Fan died in 2014 and the deal with City Urban Realty is part of an estate sale, according to filings in Surrogate’s Court in Manhattan.

City Urban Realty did not return requests for comment, while Fan’s estate could not immediately be reached for comment.

While the NoMad-based firm’s plans for the building are unclear, the property’s now-vacant ground floor retail space previously held a jewelry exchange.

Alvandi and his firm previously partnered with Lloyd Goldman’s BLDG Management and Twin Oaks Equity to sell two Midtown East rental buildings to Great Neck-based Gould Investors for $18 million in 2014.

The property represents City Urban Realty’s first venture into Chinatown. It is located a block away from the 11 Howard hotel, which Aby Rosen’s RFR Holding just sold and leased back from German asset manager Commerz Real for $170 million, as The Real Deal reported this week.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

From left: 254 Water Street, 45-01 Northern Boulevard and 34-08 46th Street (Credit: Google Maps)

Here’s what the $10M-$30M investment sales market looked like last week

From left: 305 East 47th Street and 286 River Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Clockwise from top left: 2-34 Beach 102nd Street in Far Rockaway, 175 Canal Street West in Mott Haven, 102 Fulton Street, and 71 Smith Street in Boerum Hill (Credit: Google Maps and StreetEasy)

Here’s what the $10M-$30M NYC investment sales market looked like last week

New York City investment sales in July 2019

145-65 Wolcott Street in Brooklyn, 3428 Park Avenue in the Bronx and 20 East 35th Street (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Clockwise from top left: 3860 Nostrand Avenue in Brooklyn, 50 Manhattan Avenue and 250 and 254 West 23rd Street (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

From left: 2785 Broadway, 521 Bergen Avenue in the Bronx, and 1685 First Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

arrow_forward_ios