Nightingale picks up Chinatown retail condo for $24M

East West Bank anchors the base of the six-story Canal Street building

New York /
May.May 12, 2017 06:00 PM

Nightingale Properties acquired a retail condominium in Chinatown for $23.6 million, sources told The Real Deal.

The 7,000-square-foot condo occupies the ground floor and lower levels of a six-story, 48,200-square-foot building at 208 Canal Street. A branch of East West Bank is the sole tenant in the space, and the seller is Dean Fong and his family, sources said. Fong said the bank has a lease at the building until approximately 2021.

Kassin Sabbagh Realty’s Jeffrey Znaty represented both sides of the transaction.

“The seller required a 1031 exchange, so we had to wait six months to make this transaction happen,” said Znaty, who declined to comment further.

Nightingale, led by Simon Singer and Elie Schwartz, partnered with Friedland Properties to pay $76 million for the operating lease of an office building at 645 Madison Avenue.

Last year, the firm paid Extell Development $27.7 million for the ground lease on 20 East 46th Street, a 15-story Midtown office building.

Representatives from Nightingale could not be immediately reached for comment.


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