Ex-Carlyle partner pays $44M for Chinatown retail condo
Innovo Property Group chief's new space sits at base of 202 Canal Street
Andrew Chung tackled his first major deal since leaving the Carlyle Group as a partner and launching his own firm.
Chung’s Innovo Property Group, in a partnership with Artemis Real Estate Partners, bought the 15,500-square-foot retail condo at 202 Canal Street, paying $44 million. Of that, the partners contributed $14 million, with the Bank of China providing a loan for the $30 million difference.
The building has a 15-year, triple-net lease with the Industrial and Commercial Bank of China, another massive Chinese bank, not to be confused with the lender, BOC, Bisnow reported. The arrangement assures that the ICBC will be solely responsible for all costs relating to the building, all but guaranteeing steady income for Innovo and Artemis.
Chung also negotiated the right to build a new facade at the building, according to Bisnow.
Chung left the Carlyle Group in January, just eight days after his promotion to partner was announced. He said he would form his own company. This is his first major deal since then.
Elad Dror and Tony Park of PD Properties represented the seller, Crane Partners. [Bisnow] – Ariel Stulberg