Mixed-Use Building Sold in Manhattan’s Chinatown

Categories: New York State Business NewsNew York State News

The recently sold mixed-use building at 47 Bayard Street in Chinatown, New York City.

News Summary

A historic mixed-use building at 47 Bayard Street in Chinatown has been sold for $4.8 million after 66 years under the same ownership. Constructed in 1910, the four-story building features commercial and residential units, with a popular bakery on the ground floor. The sale reflects the strong demand for real estate in the area, as investors show interest in similar properties. The new owners are now poised to contribute to the vibrant character of Chinatown.

Exciting Change in Manhattan’s Chinatown

New York City has witnessed yet another notable property transaction with the recent sale of a mixed-use building located at 47 Bayard Street in the heart of Chinatown. After being under the same ownership for an impressive 66 years, this four-story gem has changed hands for a substantial $4.8 million.

A Glimpse into the Past

Constructed way back in 1910, the building is steeped in history. Its roughly 8,000 square feet of usable space is divided among residential and commercial units, making it a versatile asset in the bustling neighborhood. The ground floor is home to Nice One Bakery, a popular spot that attracts both locals and tourists, lending a delightful aroma of freshly baked goods to the streets.

What’s Inside the Building?

On the upper floors, the building boasts two residential units paired with four commercial units spread across the second and third floors. Significantly, the top floors were delivered vacant when the sale took place, presenting an exciting opportunity for the new owners to make their mark. The mix of residential and commercial spaces reflects the vibrant character of Chinatown, known for its rich culture and lively atmosphere.

Who Made This Happen?

This significant transaction was facilitated by the reputable firm Marcus & Millichap, with a team that expertly represented both the buyer and the seller. The parties involved in this deal are both local private investors, excited to step into a property that has not changed hands in more than six decades. Their decision to invest continues to illustrate the strong demand for real estate in this iconic NYC neighborhood, which remains a hotspot for both business and living.

The Appeal of Mixed-Use Buildings

This sale highlights an ongoing trend in the real estate market, where mixed-use buildings are attracting a broad pool of buyers. Investors are keen on properties like this one that are free from rental regulations and offer clear routes to becoming vacant. This makes for an attractive investment, providing flexibility for potential future development.

What Lies Ahead?

As the new owners take the reins, many are eager to see how they will utilize this prime piece of property in a vibrant neighborhood known for its cultural richness and bustling streets. The sale marks an interesting turn in the chapter of 47 Bayard Street, and the excitement that comes with it simply cannot be overstated.

The change in ownership is not just about the building itself; it symbolizes a shift in the ever-evolving landscape of Chinatown. With fresh ideas and new energy coming into the picture, there is no telling what the future holds for this beloved area.

The Big Picture

In summary, the sale of this mixed-use building at 47 Bayard Street stands as a testament to the lively nature of Manhattan’s real estate market and its enduring appeal. As both locals and visitors flock to Chinatown for its unique culture, food, and community spirit, it’s clear that the revitalization of spaces like this only serves to enhance the area further.

Stay tuned as the developments unfold. There’s no doubt that this new chapter for 47 Bayard Street will be one to watch in the coming years!