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The Corner Building at 55 Canal is for Sale
Nothing is safe (nay, sacred) anymore. Hospitals, nursing homes, and places of worship seem to be dropping like whoa in the face of gentrification. Everything is negotiable.
This includes the intersection of Orchard and Canal Streets which is now experiencing a monumental upgrade. First and foremost is the recent sale and probable hotel conversion of the Jarmulowsky Bank Building. Said property fetched $36 million from DLJ, an offshoot of Credit Suisse. In its wake is a property listing just across the street at 55-57 Canal Street (aka 11-13 Orchard), where a network of scaffolding was recently constructed. The victim here is Kinco Plumbing Supply.
According to the official press release:
The property is a five-story loft building with an elevator and a full basement. It is approximately 6,875 square feet and is situated on a 1,375-square-foot lot. In addition, a total of 1,403 square feet of air rights is available for further development.
The building is currently occupied with a NN lease tenant. The lease will expire on December 31, 2012. The property will need total gut renovation.
No price was given for this “development opportunity.” ERG property Advisors is the exclusive brokerage behind the listing.