August 26, 2013 - New York City
An affiliate of The Bank of East Asia, Ltd. has sold its building in Chinatown and now is leasing space on Madison Ave., with both real estate transactions handled by law firm Ingram Yuzek.
The bank's property affiliate closed on the $41.25 million sale to a group led by Keystone Equities LLC, which plans to convert the building to office condos. The nine-story, 47,551 s/f building at 202 Canal St. currently houses office and retail space.
David Zinberg, a real estate partner at Ingram Yuzek, handled the closing. Zinberg also represented the bank on the lease of its new office, 10,900 s/f at 540 Madison Ave., which is owned by Boston Properties.
Cushman & Wakefield brokers Helen Hwang and Nat Rockett, both executive VPs in the N.Y. capital markets group, represented the seller. Representing the buyer, an affiliate of Keystone Equities LLC, was attorney Harry Dreizen, with brokerage services provided in-house by the buyer.