Joint Venture Buys Chinatown Office Building for $40.5M

The new owners secured a $33.6 million loan for the six-story property at 168 Canal Street.

Mar. 30, 2026 at 5:26pm

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A photorealistic studio photograph featuring a stack of architectural blueprints, a pen, and a brass paperweight arranged on a clean white background, symbolizing the abstract concepts of real estate transactions and commercial property investments.A stylized still life captures the complex financial and legal details behind a major Chinatown real estate deal.Today in Nashville

A joint venture has purchased a Chinatown office and retail building at 168 Canal Street in New York City for $40.5 million. The building was previously owned by a joint venture between ASB Capital Management and George Comfort & Sons, who had purchased it for $61.9 million in 2013. The new ownership group is made up of four LLCs tied to Joshua Mandelberger, Diana Carone, Keith Kantrowitz, and Nashville-based Patriot Real Estate Holdings.

Why it matters

This transaction highlights the continued interest in Chinatown commercial real estate, despite the economic challenges faced by the neighborhood during the pandemic. The new owners likely see potential in the building's office and retail spaces, as well as the overall growth of the Chinatown area.

The details

The six-story building at 168 Canal Street spans approximately 39,000 square feet and was previously owned by a joint venture between ASB Capital Management and George Comfort & Sons. The new ownership group secured a $33.6 million loan from Urban Standard Capital to finance the $40.5 million purchase. Keith Kantrowitz, one of the new owners, has a largely industrial real estate portfolio worth $61.8 million, primarily concentrated in Queens.

  • The previous owners, ASB George Canal, purchased the building in 2013 for $61.9 million.
  • The building was reportedly renovated in 2016 by the previous owners.

The players

ASB George Canal

A joint venture formed in 2013 by Maryland-based institutional investment management firm ASB Capital Management and commercial real estate firm George Comfort & Sons to purchase the 168 Canal Street building.

Joshua Mandelberger

One of the four LLCs that make up the new ownership group that purchased the 168 Canal Street building for $40.5 million.

Diana Carone

One of the four LLCs that make up the new ownership group that purchased the 168 Canal Street building for $40.5 million.

Keith Kantrowitz

One of the four LLCs that make up the new ownership group that purchased the 168 Canal Street building for $40.5 million. Kantrowitz owns a largely industrial real estate portfolio worth $61.8 million, primarily concentrated in Queens.

Patriot Real Estate Holdings

A Nashville-based real estate company that is part of the new ownership group that purchased the 168 Canal Street building for $40.5 million.

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The takeaway

This transaction demonstrates the continued appeal of Chinatown commercial real estate, even as the neighborhood has faced economic challenges during the pandemic. The new owners likely see opportunities to capitalize on the building's office and retail spaces, as well as the overall growth potential of the Chinatown area.