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.
Representatives from Nightingale could not be immediately reached for comment.