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77 Bowery
New York, NY 10002 Chinatown

$15,300,000 USD

Loft Creative Space Condo For Sale  •  13,597 SF

Property Details

  • Property Type Loft Creative Space
  • Total Building Size 44,673 SF
  • Lot Size 0.1 AC
  • Building Class B
  • Year Built 1991
  • Tenancy Single
  • Zoning C6-1G
100 Transit Score
100 Walk Score

1 Unit Available

Name Condo Use Size Price Details
1st Floor - Unit Retail Retail 13,597 SF $15,300,000 USD
  • Unit Size: 13,597 SF
  • Condo Use: Retail
  • Price: $15,300,000 USD
  • Sale Type: Investment
  • Price/SF: $1,125.25 USD
Description
The subject offering is a net-leased retail condominium located at the base of a nine-story office building located right off the corner of Bowery and Canal Street in Lower Manhattan’s Chinatown neighborhood. The entire 13,597 square feet is leased to East West Bank, which has just over six and half years remaining on a lease that runs through December 21,2032. This branch currently holds $788 million in deposits.

East West Bank has occupied this location since 2012. East West Bank is a California-based American bank with 98 locations throughout the country. Founded in 1973, East West Bank reported annual revenue last year of $2.6 billion, with over 3,000 employees and $78 billion in assets under management. They currently hold a rating of “BBB+”, which is Investment Grade Credit, by Standard & Poor’s (S&P).

Sale Notes
The offering consists of 3,716 square feet on the ground floor, 2,026 square feet on the mezzanine level, 3,815 square feet on the lower level, and 4,040 square feet in the cellar. The lower-level houses East West Bank’s massive vault and safety deposit boxes.

This is an opportunity to acquire a minimal management net-leased asset secured by one of the highest deposit locations in the country for an investment-grade rated tenant. East West Bank is responsible for 100 percent of all expenses here, including all real estate taxes and maintenance charges. The site is in the heart of Chinatown, directly off the entrance to the Manhattan Bridge, and surrounded by national and local retailers in every single direction.

Highlights

Net-Leased Retail Condominium Located at the Base of a Nine-Story Office Building at Bowery and Canal Street in Chinatown
100 Percent Leased to East West Bank Through December 2032, Featuring an Investment Grade “BBB+” Rated Tenant with Strong Financials
High-Performing Branch with Approximately $788 Million in Deposits, Ranking Among the Top Deposit Locations Nationally
NNN Lease Structure with Tenant Responsible for 100 Percent of Expenses Including Taxes and Maintenance
Prime Lower Manhattan Location Adjacent to the Manhattan Bridge and Surrounded by Dense Retail and Pedestrian Traffic

Amenities

  • 24 Hour Access
  • Kitchen
  • Roof Terrace
  • High Ceilings
  • Direct Elevator Exposure
  • Plug & Play
  • Wi-Fi
  • Air Conditioning

Public Transportation

Commuter RailDriveWalkDistance
Christopher St (Hoboken-33rd Street - Port Authority Trans-Hudson (PATH), Journal Square-33rd Street - Port Authority Trans-Hudson (PATH)) 6 min - 1.6 mi
9 St (PATH) (Hoboken-33rd Street - Port Authority Trans-Hudson (PATH), Journal Square-33rd Street - Port Authority Trans-Hudson (PATH)) 5 min - 1.6 mi
Transit/SubwayDriveWalkDistance
Grand Street (B,D Line) (B - New York MTA Subway (The Subway), D - New York MTA Subway (The Subway)) 1 min 4 min 0.2 mi
Bowery (J - New York MTA Subway (The Subway), M - New York MTA Subway (The Subway), Z - New York MTA Subway (The Subway)) 1 min 5 min 0.3 mi
Canal Street (J,M,Z Line) (J - New York MTA Subway (The Subway), M - New York MTA Subway (The Subway), Z - New York MTA Subway (The Subway)) 2 min 5 min 0.3 mi
Canal Street (4,5,6 Line) (4 - New York MTA Subway (The Subway), 6 - New York MTA Subway (The Subway), J - New York MTA Subway (The Subway), M - New York MTA Subway (The Subway), N - New York MTA Subway (The Subway), Q - New York MTA Subway (The Subway), R - New York MTA Subway (The Subway), Z - New York MTA Subway (The Subway)) 2 min 6 min 0.3 mi
East Broadway (F - New York MTA Subway (The Subway)) 2 min 7 min 0.4 mi
AirportDriveWalkDistance
LaGuardia 20 min - 9.6 mi
Newark Liberty International 20 min - 12.6 mi
John F Kennedy International 29 min - 17.8 mi

Parking Details

Parking Available: Yes
Reserved: No
Type: Surface
Included in Rent: Yes
Scott Plasky 917-539-0402 Marcus & Millichap
Scott Plasky 917-539-0402 Marcus & Millichap