Crane Partners Asset Management ("Crane Partners"), a global alternative asset management firm, announced today an investment in a Class A building in New York City's Chinatown located at 202 Canal Street, on the corner of Mulberry Street. Through the investment, Crane Partners acquired 16,797 square feet of retail and office space, which is being leased to Industrial and Commercial Bank of China (USA), NA as the bank's US retail flagship location. ICBC USA NA is a subsidiary of the largest bank in China by total assets and market capitalization.

A joint venture between Keystone Equities, LLC and a real estate investment fund managed by affiliates of Apollo Global Management, LLC purchased the building, now named The Industrial and Commercial Bank of China (USA), NA Building, in July 2013 and subsequently signed a 15-year flagship lease with the bank. Crane Partners and the joint venture will now own the entire building.

Richard Han, Managing Partner of Crane Partners, said, "What attracted us to this opportunity was the ability to invest in an irreplaceable retail corner of Manhattan where there is limited inventory for Class A buildings. The property has tremendous upside given its location yet significant downside protection with one of the most creditworthy tenants in the world in a long term triple net lease. This area of Canal Street is one of the most sought after blocks in Manhattan. According to our research, retail rents in the area have increased by over 20% in the last year, and we believe that the area will continue to improve given recent development activity. As has been our successful strategy abroad, we will continue to work and network with world class institutions and structure investments through our unique network of personal relationships to build a portfolio of high yielding real estate assets in Manhattan."

Jonathan Zamir, Principal of Keystone Equities, said, "We are thrilled to work with Crane on this exciting real estate investment. There was tremendous interest in this premier property, but at the end we chose Crane due to its impressive track record and uncanny ability to generate higher returns for its investors through creative structures. Crane Partners clearly stands out from other competitors given its expert knowledge of financial products across Wall Street. This allows them to monetize assets in unconventional ways and gives Crane a distinct advantage in the real estate market of New York City."

Crane Partners was exclusively represented by PD Properties and Silverman Shin & Bryne PLLC as legal counsel.

About Crane Partners

Crane Partners Asset Management, LLC is a global alternative investment firm based in the NY Metro area that employs integrated principal investments with hedging strategies to mitigate market risks. Crane Partners has managed over $1 billion in equity capital at its peak. With 50 years of combined experience from firms such as Goldman Sachs and Credit Suisse, Crane Partners' principals have applied its investment philosophy towards generating significant returns since its inception in 2006 in different market environments while protecting principal in down markets. For more information, visit: http://cranepartners.com.

Crane Partners Asset Management, LLC
Richard Han, +1 646-367-7301
Managing Partner
rshan@cranepartners.com