ASB, George Comfort sell Chinatown office, retail for $40.5M

A joint venture of Joshua Mandelberger, Diane Carone, Keith Kantrowitz, and Patriot Real Estate Holdings through the entity Atea 168 Propco LLC (and others) paid $40.5 million to ASB Capital Management and George Comfort & Sons through the entity ASB George Canal, LLC for the office and retail building (O5) at 168 Canal Street in Chinatown, Manhattan.
The deal closed on March 24, 2026 and was recorded on March 27, 2026. The property has 39,224 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,032 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on November 12, 2013, for $61.9 million. The signatory for ASB Capital Management and George Comfort & Sons was Brodie Ruland . The signatory for Joshua Mandelberger , Diane Carone , Keith Kantrowitz , and Patriot Real Estate Holdings was Joshua Mandelberger, Diana Carone, Keith Kantrowitz, and Jennifer Fleming. The contract date was November 5, 2025.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Joshua Mandelberger had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller ASB Capital Management had not purchased any other properties and sold 14 properties in eight transactions for a total of $278.2 million over the same time period. The 39,224-square-foot property generated revenue of $5.8 million or $147 per square foot, according to the most recent income and expense figures.

The property

The retail building in Chinatown has 39,224 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 47 feet and is 100 feet deep with a total lot size of 7,063 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $31.9 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Chinatown, The bulk, or 36 percent of the 8.4 million square feet of commercial built space are walkup buildings, with mixed-use buildings next occupying 17 percent of the space. In sales, Chinatown has 1.3 times the average sales volume among other neighborhoods with $429.4 million in sales volume in the last two years and is the 26th highest in Manhattan. For development, Chinatown has had very little major development activity relative to other neighborhoods.It had 542,348 square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of five of the 21 commercial properties representing 63,723 square feet of the 244,540 square feet. The largest owner is Bldg Management, followed by Raber Enterprises and then Shu Min Nyein.
There are no active new building construction projects on this tax block.

The majority, or 62 percent of the 244,540 square feet of built space are walkup buildings, with retail buildings next occupying 21 percent of the space.

The seller

The PincusCo database currently indicates that George Comfort & Sons owned at least four commercial properties in New York City with 3,709,262 square feet and a city-determined market value of $1.6 billion. (Market value is typically about 50% of actual value.) The portfolio has $495.5 million in debt, with top three lenders as MetLife, JPMorgan Chase, and Bank of China respectively. Within the portfolio, all identified are office properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Keith Kantrowitz owned at least five commercial properties in New York City with 191,466 square feet and a city-determined market value of $27.4 million. (Market value is typically about 50% of actual value.) The portfolio has $26.3 million in debt, borrowed from New York Community Bank and JPMorgan Chase. Within the portfolio, the bulk, or 75 percent of the 191,466 square feet of built space are industrial properties, with office properties next occupying 18 percent of the space. They are all located in Queens.

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