(Read more on the multifamily market.)
NEW YORK CITY-Locally-based Massey Knakal Realty Services has sold a four-story loft building at 1-3 Orchard St. in Manhattan's Chinatown in an all-cash transaction valued at $9.4 million. A source close to the deal tells GlobeSt.com that the buyer was Wu Chen of locally-based 55-57 Hester Construction LLC and the seller was Tien Hui Chin of New China Realty Corp., based in San Francisco.
The 16,800-sf property is an irregular shaped property with frontage on Orchard, Division and Allen Streets. The building contains commercial tenants only--five ground floor stores, a nonprofit youth organization on the second floor and eight work rooms for artists on the third and fourth floors.
The transaction occurred at a capitalization rate of 2.2%. The property sold for $559.52 per sf. Massey Knakal Realty Services was the sole broker in this transaction.
"Patience is a virtue in Chinatown," says Massey Knakal broker Michael DeCheser, who exclusively represented the seller with founding partner Paul Massey. "Developers want to hit the ground running, and project delays make them nervous…Despite some obstacles, there were 21 offers submitted in a 60-day period."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
