By Holly Dutton
An affiliate of The Bank of East Asia has sold its Chinatown building for $41.25 million and moved its operations to Madison Avenue.
The bank’s new 10,900 s/f lease at Boston Properties’ 540 Madison Avenue in Midtown, was brokered by Cassidy Turley’s Bob Billingsley, Jonathan Schindler and Bryan Boisi, who negotiated with Adam Frazier of Boston Properties.
David J. Zinberg, a partner at law firm Ingram Yuzek, represented the bank in both its sale and lease.
The bank closed on the sale at 202 Canal Street in late July to Keystone Equities, which immediately managed to lease 17,000 s/f to the Industrial and Commercial Bank of China in a 15-year lease, as well as an additional 13,000 s/f of office space on higher floors of the building, according to Crain’s New York.
ICBC USA had purchased the retail business of the Bank of East Asia, which first developed the property in the early 1990s.