One more time: A single mid-market i-sale this week

Jeffrey Lam bought a Chinatown building out of bankruptcy for about $29M

New York /
Apr.April 24, 2020 02:45 PM
Jeffrey Lam of Lam Generation and 55-59 Chrystie Street (Credit: LinkedIn; Google Maps)

Jeffrey Lam of Lam Generation and 55-59 Chrystie Street (Credit: LinkedIn; Google Maps)

New York City saw one mid-market investment sale for the second straight week, yet another sign of how the coronavirus has been slowing down activity.

The lone deal between $10 million and $30 million was for a mixed-use building at 55-59 Chrystie Street in Chinatown that went through a bankruptcy auction earlier last year.

Jeffrey Lam of Lam Generation bought the six-story property for $28.6 million via the auction, which was organized by Rosewood Realty’s Greg Corbin and his team.

CTW Realty had owned the roughly 46,000-square-foot building since 1982 and had several legacy tenants in the property. CTW Realty’s Gary Tse had planned to clear out the tenants and recruit new ones from industries like media and tech, but he was unable to replace several longtime renters and defaulted last year on a $25.1 million loan.

This week was not the slowest the market has seen this year. Two weeks earlier there were none.


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
Here’s what the $10M-$30M NYC investment sales market looked like last week
Joel Landau, chairman and founder of Allure Group. (Google Maps, Score NYC)
These were the top outer-borough loans last month
These were the top outer-borough loans last month
WATCH: How climate change puts real estate at risk
WATCH: How climate change puts real estate at risk
WATCH: How climate change puts real estate at risk
14 Vesey Street, 1123 Avenue J in Brooklyn, and Jeff Sutton of Wharton Properties (Americasroof/Wikipedia, Google Maps, Wharton)
Jeff Sutton unloads Midwood commercial building
Jeff Sutton unloads Midwood commercial building
Cushman & Wakefield CEO Brett White (Cushman)
Cushman eyeing M&A opportunities post-pandemic
Cushman eyeing M&A opportunities post-pandemic
Maverick Real Estate Partners principal David Aviram and the buildings to be sold. (Rosewood Realty Group)
Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
Part of Chaskiel Strulovitch’s Brooklyn portfolio to be sold at auction
1240 Morrison Avenue in Soundview, 1769 86th Street in Bensonhurst and 73-99 Empire Boulevard in Crown Heights (Google Maps)
Alex Adjmi’s A&H Acquisitions buys Crown Heights industrial complex
Alex Adjmi’s A&H Acquisitions buys Crown Heights industrial complex
A rendering of The Pinnacle (Kislak)
Luxury rental complex in Fort Lee sells for $55M
Luxury rental complex in Fort Lee sells for $55M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...