East West Bank Building at 77 Bowery for Sale

Posted on: April 29th, 2013 at 6:19 am by

[Photo: Google Maps]

[Photo: Google Maps]

An interesting real estate listing just surfaced for 77 Bowery, via Massey Knakal. You’ll recall that this hulking Chinatown tower near Canal Street changed hands last December for about $20 million; buyer was Keystone Equities. It was reported at the time that East West Bank, who sold the property, would remain commercial tenant after the transaction. Moreover, the new owners would sink an additional $2 million into rather ambiguous building renovations.

Now three months later, Keystone is hoping to unload the retail condo, which spans the four lower levels (2 cellars, mezzanine, ground). Asking price for the 13,597 square-foot property is $13.15 million. Apparently the bank is on a triple-net-lease through 2023 with two 5-year renewal options.

As for those renovations – the Massey Knakal brokerbabble reveals that some sort of condo conversion is underway:

The subject property is a 13,597 SF retail condominium located on the east side of Bowery on the corner of Canal Street at the intersection of vibrant Chinatown and the Lower East Side. The condominium’s 4 levels are NNN leased by East West Bank, the largest Asian-American bank and one of the 50 largest banks in the United States. The bank’s focus on East Asian consumers makes this location ideal, and of its 124 domestic branches, the branch at 77 Bowery is its top performer on the east coast, yielding over $138 million annually in deposits. The NNN lease offers a new 10 year term running through 2023 as well as two 5-year renewal options. The base rent of $625,000 increases 3.00% per annum for the duration of the lease.

This retail condo is situated in a premier NYC submarket and benefits from a tremendous amount of foot traffic from the highly dense neighborhood of Chinatown. In addition to benefiting from the surrounding demographics, 77 Bowery is accessible to all major Manhattan destinations as well as Brooklyn and Queens by means of the B,D,N,Q,R,J,Z and 6 Subway lines. Current ownership is in the process of converting the building to a condominium and will deliver the retail as a separate retail condominium unit upon sale.

Recent Stories

High Rents Force ‘Prema Hair’ from 101 Stanton Street After its $12.9M Sale

No sooner did 101 Stanton Street change hands than this enormous, eye-grabbing leasing banner appear above the corner store. It seems rather apparent that the new owners now want the Prema Hair salon gone from the ground-floor retail. You’ll recall that a small consortium of real estate firms – Penn South Capital, Conway Capital, and […]

LUNGS Harvest Arts Festival is Happening this Weekend

The 6th Annual LUNGS Harvest Arts Festival is happening this weekend, and promises plenty of local entertainment and creative craftsmanship throughout more than 50 community gardens spread across Lower Manhattan. Just a few of the many highlights partaking in this year’s festival include fairy tale puppetry by the Czechoslovak-American Marionette Theatre, a thought provoking look […]

Cafe Grumpy Reclaims Adjacent Store at 13 Essex Street for ‘Training Lab’

With Factory Tamal now up and running on Ludlow Street, its former location is back in the hands of its maker, so to speak. Cafe Grumpy just reclaimed the other half of its Essex Street coffee shop. We are told that the south store of 13 Essex Street – formerly the cafe’s on-premise bakery – […]

In What was American Apparel, ‘Dr Smood’ Health Eatery Debuts on East Houston

The doctor is now seeing patients. Customers, rather. Dr Smood, the health eatery that offers “smart food for a good mood,” opened the doors to its Lower East Side location this week. As you might expect, the new “organic boutique cafe” at the corner of Orchard and East Houston Streets carries with it an antiseptic […]

Another Look at the 7-Story Rental to Destroy 200-Year-Old Federal Row Houses on Grand Street

A row of historically significant Grand Street buildings is one step closer to demolition. Applications were filed with the city last week to erect the seven-story residential structure at 282-286 Grand Street. We first broke news of this development back in April. The property owner – former oncologist-cum-art dealer Marc Straus – has major plans […]