Joint Venture Pays $41M for Chinatown Offices

Limited liability company ASB George Canal sold an office and retail building in Manhattan’s Chinatown to a joint venture for $40.5 million, after purchasing the building for nearly $62 million in 2013.

The building at 168 Canal Street rises six stories at the corner of Canal and Elizabeth streets. Its new ownership is made up of four LLCs tied to Joshua Mandelberger, Diana Carone, Keith Kantrowitz and Nashville-based Patriot Real Estate Holdings.

The joint venture secured a $33.6 million loan from Urban Standard Capital, according to city records. CBRE‘s AJ Bruno and Drew Anderman brokered the loan.

Kantrowitz owns a largely industrial real estate portfolio worth $61.8 million, largely concentrated in Queens, PincusCo reported.

ASB George Canal was formed in 2013 by Maryland-based institutional investment management firm asb capital management in a joint venture with commercial real estate firm George Comfort & Sons. The entity purchased the building in 2013 for $61.9 million, The Real Deal first reported. The seller was Dadourian Export Corporation, according to city records. 

George Comfort & Sons’ portfolio materials advertised the circa-1915 building as having been renovated in 2016. The Class B office building spans roughly 39,000 square feet, according to a February listing on CommercialCafe.

Brodie Ruland, a chief operating officer and portfolio manager at ASB, was the signatory for ASB George Canal.

ASB, George Comfort & Sons and Patriot Real Estate Holdings did not respond to requests for comment.

Mandelberger, Carone and Kantrowitz could not be reached for comment by press time.

Emily Davis can be reached at edavis@commercialobserver.com.