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

Photo: Jostarr537
Strung-Up Mutant Rats Likely an Attempt to Call Attention to NYCHA Infestation

Monday morning, we posted a rather gruesome image of three rat carcasses strung from scaffolding outside the Baruch Houses. In fact, these were some of the biggest rats we’ve ever seen. The violent display, while gagworthy, was seemingly out of nowhere, and without context. A mystery on the FDR. Until now. The rat adornment was apparently […]

145ludlow-reveal-1
145 Ludlow Street Shows Itself After 2 Years Under Wraps

With cranes, utility vehicles, pockmarked roads, and heavy clanking noise, Hell Square truly is living up to its name. Luckily, however, each of the foot-dragging developments in the vicinity are finally starting to wrap construction. Notably the Orchard Hell Building (i.e. Hotel Indigo) and, as of this week, the long-forgotten 145 Ludlow Street. You’ll recall that […]

los-perros-locos-space
‘LESpace’ Pop-Up Incubator at Los Perros Locos is Donezo

It was exactly a year ago that Alex Mitow pulled the plug on the short-lived Los Perros Locos at 201 Allen Street. In the wake of this Colombian hot dog joint, the former proprietor instead transformed the store into “LESpace” – a food-based incubator space for pop-ups, chefs, etc. LESpace made the biggest splash with Polpo […]

delicious-deli-signage
‘Delicious Deli’ Announces Itself as Newest Bodega on Eldridge Street

Here’s another case of loose infringement on the Lower East Side. While not quite the level of filching Mario for a pizza joint, the forthcoming Delicious Deli on Eldridge Street seems to lean a bit on the corporate competition for name recognition. That would be Dunkin Donuts. Nevertheless, the Delicious Deli is coming down the […]

arlenes-grocery-nighttime
Notes from CB3: Arlene’s Grocery Renewed, Damion Luaiye Approved

The SLA subcommittee of Community Board 3 met last night for the second time in as many weeks. A scheduling choice that left little time for recuperation. Nevertheless, applicants, board members, and media stocked the chairs for another night of dueling. The meeting itself was a bit more subdued than most, but still an all-night […]