New York, NY – A five-story, classic, pre-war, cast-iron loft building in SoHo at 351-353 Canal Street, impeccably maintained for the past 70 years under the ownership of Tunnel Holdings LLC, has just traded for $24.75 million through Eastern Consolidated.
Eastern Consolidated Senior Director Peter Carillo and Associate Director Alexander G. Erdos with Senior Financial Analyst Paul J. Nigido represented the seller, Tunnel Holdings LLC, and procured the buyer, 351 Canal LLC of the property, which offers three retail spaces on the ground floor, four commercial offices on the second floor and ten residential units on floors three through five.
“We had multiple inquiries for this mixed-use building, no doubt because SoHo is arguably Manhattan’s most sought-after neighborhood. The property will be delivered vacant, since 85% of the tenants were leasing on a month-to-month basis or had termination clauses in their leases, which became effective upon the sale of the property,” said Mr. Carillo who added that since SoHo is such a hot shopping destination, the opportunity to re-position this asset would enhance its value even further.
Built circa 1900, 351 Canal Street benefits from abundant natural light and air, hardwood oak strip flooring throughout, 16’ ground floor ceiling heights and 12’ ceilings above, some still retaining their original tin decoration. There is an oversized automatic passenger elevator and a 5,124-square-foot cellar area, which currently accommodates movable storage cages for residential tenant use.
SoHo’s Cast Iron Historic District, containing the world’s largest collection of buildings with cast iron fronts, ranges from Houston to Canal Streets (north to south) and from Crosby Street to West Broadway (east to west). The property benefits from a liberal M1-5B zoning designation, permitting residential, retail and commercial office use. Located within a short walking distance to multiple subway lines, namely the A, C, E, N, R, 1 and 6lines at Canal Street, the property also boasts tremendous foot traffic 24/7 since it’s located in undisputedly one of Manhattan’s hottest shopping enclaves. Internationally recognized retailers and boutiques are located nearby, among them the flagships or branches of such prestigious designers as Beau Brummel, DKNY, Kate Spade, Marc Jacobs, Ralph Lauren, Nicole Miller and Salvatore Ferragamo, to name a few; and popular eateries include Balthazar, Dos Cominos, Fanelli’s Café, the Mercer Kitchen and Raoul’s.
Walter Kretz, Esq., Scoppetta Seiff Kretz & Abercrombie and Myra Sencer, Esq., Sencer Law represented the seller, while Aaron Stein, Esq., Stein Farkas Schwartz & Fish LLP acted on behalf of the buyer.
Founded in 1981, Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, combining an unrivaled expertise in the greater New York marketplace with a worldwide roster of institutional and private investor clients. Over the years, it has been responsible for the acquisition, disposition and finance of all types of properties, including office and apartment buildings, lofts, factories, hotels, shopping centers, commercial and residential development sites, taxpayers, parking garages and lots, retail condominiums and air rights transfers.