DC firm buys Canal Street retail building for $62M
UPDATED, 1:40 p.m., Nov. 13: ASB Real Estate Investments acquired a Chinatown commercial building for $61.9 million, the company said.
The Washington, D.C.-based firm made the purchase in a joint venture with fellow investment firm George Comfort & Sons, on behalf of ASB’s $3.1 billion Allegiance Fund. The six-story office and retail building at 164-168 Canal Street hit the market for $63 million in August, as The Real Deal reported. Massey Knakal Realty Services’ Nick Petkoff, Paul Massey and Robert Burton are handling the sale.
Financial tenants Citibank and New York Life occupy about 70 percent of the 49,950-square-foot property, located at the corner of Elizabeth Street. Approximately 3,200 square feet of air rights are available for a potential penthouse addition.
Nearly all of the leases in the building are set to expire by the end of the year. The building has a gross annual income of $4.2 million.
“Driven by the growth in Chinese wealth, this area of Canal Street has emerged as a thriving bank corridor and we expect the property to continue to experience strong investment grade tenancy that provides a steady income stream,” said ASB CEO Robert Bellinger in a statement. — Mark Maurer