Dadourian Management, a wholly owned subsidiary of Dadourian Export Corporation, sold three office buildings in Manhattan's Chinatown neighborhood in two all-cash transactions with an aggregate value of $95,500,000. George Comfort & Sons, Inc., with ASB Real Estate Investments, purchased 164-168 Canal Street in an all-cash transaction valued at $61,900,000, or roughly $1,239 per square foot. The Oved Group purchased 40-42 Elizabeth St. and 159-165 Canal St. for $33.6 million, equating to approximately $1,142 per square foot, according to a CoStar Group report.
"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 Massey, Jr., who exclusively handled these transactions with Robert Burton and Nick Petkoff. "Ultimately, we wound up in competitive bidding situations and sold 159-165 Canal Street and 40-42 Elizabeth Street as a package, and 164-168 Canal Street separately. The family that sold the buildings had the security of knowing that they had reached out to the entire market and that they were getting the highest prices and best terms available," Paul added.
164-168 Canal Street is a six-story building that contains approximately 49,950 square feet and is currently 70% leased by credit tenants Citibank and NY Life & Co. 40-42 Elizabeth Street is a five-story renovated office building containing approximately 24,425 square feet, with two ground floor retail stores with 16 office units above, and the basement is used for storage and mechanicals for the building. 159-165 Canal Street is a two-story building containing approximately 5,000 square feet on a 100.17' x 25' lot. It consists of six ground floor retail tenants anchored by First Republic Bank, with office tenants above.
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