ASB Acquires Manhattan Mixed Use Property for $61.9M

ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, announced this week that it had acquired 164-168 Canal Street in Manhattan on behalf of ASB's Allegiance Fund in a joint venture with George Comfort & Sons for $61.9 million. The six-story mixed use building first came to market in August, being marketed by Massey Knakal Realty Services with an asking price of $63 million. Terms of the deal were not disclosed.

Robert Bellinger, President and CEO of ASB Real Estate Investments, said: "This is a high-quality asset in a premier, Class A+, Manhattan retail location. Driven by the growth in Chinese wealth, this area of Canal Street has emerged as a thriving bank corridor and we expect the property to continue to experience strong investment grade tenancy that provides a steady income stream."

The 49,951 square-foot red brick building was originally constructed in 1910 at the corner of Canal and Elizabeth Streets. Nearly all of the current leases in the building are set to expire by the end of the year, with roughly 70% of the property occupied by credit tenants, including CitiBank and NY Life & Co.

For more news and information visit Blumberg Capital Partners.

Thor Equities Purchases Meatpacking District Building for $96M

A joint venture between Thor Equities and ASB Real Estate Investments' Allegiance Real Estate Fund have purchased 875 Washington Street from Scoop NYC for $96.5 million. The 60,000 square foot building in Manhattan's Meatpacking District offers 10,600 square feet of retail space on two levels. The retail space is currently home to Bond No. 9, Paige Premium Denim, and SCOOP, according to a press release from the two companies, and is in close proximity to The Standard Hotel, Christian Louboutin, Diane Von Furstenberg, STK, Apple store, and the future downtown home of the Whitney Museum, reports The Commercial Observer.

The Meatpacking District is the place to be in the fashion world, and as purveyors of high-end retail real estate, it is only fitting that we continue to expand our presence here," said Joseph Sitt, CEO at Thor Equities, in a statement. "Situated among many of the world's best nightlife, dining, and shopping outposts, 875 Washington is truly in the heart of the excitement and growth of Manhattan."

Robert Bellinger, president and CEO of ASB Real Estate Investments, said, "The Meatpacking District has experienced a massive transformation over the last 10 years, becoming a top destination for culture, art, high-end residential, entertainment, business and hotel development. This investment fits with ASB's strategy to acquire competitively positioned office and high-street retail properties with high NOI growth potential and strong demographic underpinnings."

For more news and information visit Blumberg Capital Partners.