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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.

The transaction occurred at a capitalization rate of 2.2%. The property sold for $559.52 per sf. Massey Knakal Realty Services was the sole broker in this transaction.

“Patience is a virtue in Chinatown,” says Massey Knakal broker Michael DeCheser, who exclusively represented the seller with founding partner Paul Massey. “Developers want to hit the ground running, and project delays make them nervous…Despite some obstacles, there were 21 offers submitted in a 60-day period.”

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