Lido Buys East West Bank Condo for $12.3M
Lauren Elkies Schram June 18, 2014, 5:36 p.m.
Lido Realty has picked up the East West Bank‘s Chinatown condominium in the East West Bank Building at 77 Bowery for about $12.3 million, property records indicate.
“77 Bowery fit well into our long-term strategy to acquire high-credit retail in prime locations,” said Adam Mayer, a portfolio manager for Lido. “We believe the area will continue to see strong appreciation as a result of shrinking vacancy rates and solid demand. For the time being, we plan on developing our relationship with East West Bank and look forward to working with them.”
East West Bank, the largest Asian-American bank, is not going anywhere soon.
The bank sold the 40,051-square-foot building at Canal Street to Keystone Equities at the end of 2012 for $20 million, The Real Deal previously reported. The bank signed a triple-net lease for its existing 13,597-square-foot space through 2023, with two five-year renewal options, as part of the deal, Bowery Boogie noted.
The retail condo spans two cellars and the mezzanine and ground floors, according to Bowery Boogie, and it had an asking price of $13.15 million.
The sale closed June 6 and appeared in public records today.