Latest Stories In: Real Estate
45 Canal Street to Become Single Family Residence
The charming, 102-year-old E&G Model Shop building at 45 Canal Street is under new ownership and will soon become an “exclusive” residence. Or in layman’s terms, a single-family home. The ground-level commercial space, once home to Maccarone gallery and, most recently, the Asian Song Society, is long dried up.
Back in 2010, we came across a Marcus & Millichap real estate listing for the four-story property, which included two units (2,800 square feet) and developable air rights. However, it took a minute to snag a buyer. City records indicate a March 2011 transaction in the amount of $2,350,000.
Within the last couple of weeks, the requisite scaffolding and netting arrived at 45 Canal Street. Change is here. According to the DOB database, the new owner plans to convert the existing four-story commercial structure into a single-family residence with ground floor retail/offices.
A zoning update was submitted and approved in early June, which apparently calls for a recessed rooftop tumor. Said vertical enlargement will tack on an additional 508 square-feet of living space, increasing the total height to 48 feet-11 inches. The eastern terminus of Canal Street has arrived…