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.
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.