Nightingale picks up Chinatown retail condo for $24M

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

May.May 12, 2017 06:00 PM

208 Canal Street (Inset: Simon Singer)

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.

Related Articles

Knotel CEO Amol Sarva 

Another huge round of layoffs for Knotel

Miki Naftali, Steven Witkoff and Ryan Freedman

TRD Talks: How developers are contending with coronavirus

Governor Andrew Cuomo (Photo by Spencer Platt/Getty Images; iStock)

Cuomo’s foreclosure, mortgage moratorium has no teeth

From left: Realogy's Ryan Schneider, Cushman & Wakefield's Brett White and Newmark Knight Frank's Barry Gosin (Credit: iStock)

Brokerage stocks plunge amid market turmoil

Mayor Bill de Blasio halted ULURP, stalling projects like 960 Franklin Avenue, Rikers Island and Industry City 

These projects could be held up by New York’s rezoning freeze

Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

LA mayor orders a moratorium on commercial evictions

Mayor Bill de Blasio and Westchester Square Hospital in the Bronx (Credit: Lev Radin/Pacific Press/LightRocket via Getty Images; Google Maps)

New York City seeking sites for coronavirus triage centers

Georgetown president and CEO Adam Flatto and an aerial of 260 12th Avenue (Credit: Patrick McMullan/Patrick McMullan via Getty Images; Google Maps)

Georgetown plans 1.1M sf Hudson Yards office building