Lower Manhattan Loft Goes for $560 per SF

(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.