Newmark’s Sale of Chinatown Properties Aims to Prevent Worker Displacement
Newmark has completed the sale of 64 Beach Street and 72 Kneeland Street, two mixed-use assets located in the Chinatown district of Boston, MA.
A Newmark team of Robert Griffin, Joseph Alvarado, George Demoulas and Casey Valente represented the seller, the Lau family, and procured two separate buyers. 64 Beach Street was acquired by Asian Community Development Corporation and 72 Kneeland Street was acquired by Kendall Capital.
“Chinatown buildings like 64 Beach Street are home to local restaurant employee and other low-wage workers,” said Angie Liou, executive director of ACDC. “We hope to do more projects like this to prevent displacement in Chinatown.”
Totaling 13,374 square feet and presently 89% leased, 64 Beach Street encompasses 14 residential units and 1,953 square feet of retail space. Totaling 18,620 square feet and presently 81% leased, 72 Kneeland Street encompasses six residential units, four floors of office space and 1,864 square feet of retail space.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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