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77 Bowery - NNN Bank - NYC $788M in Deposits 13,597 SF Retail Condo Unit Offered at $20,956,563 CAD in New York, NY 10002
Investment Highlights
- Net-Leased Retail Condominium Located at the Base of a Nine-Story Office Building at Bowery and Canal Street in Chinatown
- High-Performing Branch with Approximately $788 Million in Deposits, Ranking Among the Top Deposit Locations Nationally
- Prime Lower Manhattan Location Adjacent to the Manhattan Bridge and Surrounded by Dense Retail and Pedestrian Traffic
- 100 Percent Leased to East West Bank Through December 2032, Featuring an Investment Grade “BBB+” Rated Tenant with Strong Financials
- NNN Lease Structure with Tenant Responsible for 100 Percent of Expenses Including Taxes and Maintenance
1 Unit Available
Unit Retail
| Unit Size | 13,597 SF | Sale Type | Investment |
| Price | $20,956,563 CAD | Cap Rate | 6.00% |
| Price Per SF | $1,541.26 CAD | NOI | $1,257,165.01 CAD |
| Condo Use | Retail |
| Unit Size | 13,597 SF |
| Price | $20,956,563 CAD |
| Price Per SF | $1,541.26 CAD |
| Condo Use | Retail |
| Sale Type | Investment |
| Cap Rate | 6.00% |
| NOI | $1,257,165.01 CAD |
Description
The subject offering is a net-leased retail condominium located at the base of a nine-story office building located right off the corner of Bowery and Canal Street in Lower Manhattan’s Chinatown neighborhood. The entire 13,597 square feet is leased to East West Bank, which has just over six and half years remaining on a lease that runs through December 21,2032. This branch currently holds $788 million in deposits.
East West Bank has occupied this location since 2012. East West Bank is a California-based American bank with 98 locations throughout the country. Founded in 1973, East West Bank reported annual revenue last year of $2.6 billion, with over 3,000 employees and $78 billion in assets under management. They currently hold a rating of “BBB+”, which is Investment Grade Credit, by Standard & Poor’s (S&P).
Sale Notes
The offering consists of 3,716 square feet on the ground floor, 2,026 square feet on the mezzanine level, 3,815 square feet on the lower level, and 4,040 square feet in the cellar. The lower-level houses East West Bank’s massive vault and safety deposit boxes.
This is an opportunity to acquire a minimal management net-leased asset secured by one of the highest deposit locations in the country for an investment-grade rated tenant. East West Bank is responsible for 100 percent of all expenses here, including all real estate taxes and maintenance charges. The site is in the heart of Chinatown, directly off the entrance to the Manhattan Bridge, and surrounded by national and local retailers in every single direction.
Property Facts
Amenities
- 24 Hour Access
- Kitchen
- Roof Terrace
- High Ceilings
- Direct Elevator Exposure
- Plug & Play
- Wi-Fi
- Air Conditioning
Major Tenant Information Click Here to Access
| TENANT | SF Occupied | LEASE END DATE |
|---|---|---|
| East West Bank |
-
|
Jan 0000
|
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77 Bowery - NNN Bank - NYC $788M in Deposits
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