East West Bank Building at 77 Bowery Fetches $20 Million

Posted on: December 26th, 2012 at 6:52 am by

[Photo: Google Maps]

[Photo: Google Maps]

One of the uglier, Office Space-style buildings in Chinatown was just sold for a hefty sum. The East West Bank at 77 Bowery recently fetched $20 million last week at the hands of Keystone Equities, reports the Real Deal. The financial institution had purchased the eight-story, 40,051-square-foot property from United Commercial Bank during the economic downturn.

As part of the all-cash deal, East West Bank will reportedly remain a lessee on premises.

The sale is further indication of the Chinatown gold rush. Keystone principal Jonathan Zamir noted:

Chinatown has been red-flagged for years and now it’s the jewel of Manhattan. This is one of the premier assets located within that submarket.

Recent Stories

Photo: Pastor Bob Subjenski
Revisiting Sheldon Silver’s Family Hardware Store on Essex Street [HISTORY]

​These days, 19 Essex Street is home to Frank’s Chop Shop and ground-level office space. Back in the day, however, this storefront was the headquarters of Sheldon Silver’s family business. Sheldon Silver, the disgraced former Assembly Speaker who was recently convicted on federal corruption charges, was born and raised on the Lower East Side. He […]

213bowery-1
On Stellar Rays Annexes Former Restaurant Supply Shop at 213 Bowery

​Regent Restaurant Supply relocated from its longtime Bowery headquarters just before the new year. In business since the mid-1990s, the ground-level warehouse operated at 213 for more than a dozen years. Well, no sooner did they depart than drilling began inside the store. With good reason. The eight-year-old gallery occupying its rear (i.e. 1 Rivington) […]

motorhead_bowery_featured
Bowery Electric Hosts Valentine’s Day Motörhead Tribute

Say, let’s skip the schmaltzy candlelight dinner, roses and boxed chocolates this Valentine’s Day. Let’s instead raise a glass (and some fists, of course) to Motörhead and the late Lemmy Kilmister this Sunday (February 14), shall we? Brooklyn Vegan tipped us off recently that Bowery Electric’s (327 Bowery) monthly Sally Can’t Dance party will see […]

market-nyc-open-1
Market NYC Opens New Outpost Today at 290 Mulberry Street

​Market NYC first announced its return to Little Italy just before Christmas. Two months after its holiday pop-up onsite, the third city location at 290 Mulberry Street is a go. It opens to the public at noon today. This week was one of final preparations. The lettering was installed; window treatments were deposed to reveal the […]

wall-kindness-1
‘Wall of Kindness’ Surfaces on Chrystie Street, Seeks Donations for Homeless

​ No, this art installation at Chrystie and Stanton streets is not the newest piece by yarn-bomber HOTTEA. The ribbonwork weaved into the chain-link fencing at the recently refurbished Nike soccer field is, in fact, a grassroots charity plea for those in need. The message of “Stay Warm” sits atop a rudimentary house with a […]