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Dadourian Sells Chinatown Portfolio for $95.5M

Two Investors Pick Up Assets on Elizabeth, Canal Streets
December 2, 2013
Dadourian Management has sold three office buildings in New York City to two investors in two separate, all-cash transactions with an aggregate value of $95.5 million. The three assets, totaling more than 79,000 square feet, are located on the corner of Canal and Elizabeth Streets in Manhattan's Chinatown neighborhood.

164-168 Canal St. is a six-story, 49,950-square-foot office building leased to Citibank and NY Life & Co. The property features two lobbies, two high-speed elevators, concierge, and security cameras. The asset includes 3,178 square feet of air rights, which could be used to add a commercial or residential penthouse.

George Comfort & Sons, Inc., with ASB Real Estate Investments purchased the building for $61.9 million, or about $1,239 per square foot.

40-42 Elizabeth St. is a five-story, 24,425-square-foot renovated office with two ground-floor retail stores and 16 units above with storage and mechanics in the basement. 159-165 Canal St. is a two-story, 5,000-square-foot building with six ground-floor retail tenants including First Republic Bank, and office space above.

The Oved Group purchased the two assets for $33.6 million, equating to approximately $1,142 per square foot.

"These three excellent properties are situated on busy corners of a street and in a neighborhood that is really taking off. Having three buildings available at the same intersection generated a ton of initial interest, with investors and developers looking both at buying the properties individually and as a package," said Massey Knakal CEO Paul J. Massey, Jr., who exclusively handled both of these transactions with Robert Burton and Nick Petkoff.

Please see CoStar COMPS #2886476 and #2876419 for additional information on these two transactions.

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