Long-Stalled Canal Street Development Rebranded ‘Canal Loft Hotel’

Posted on: March 9th, 2018 at 5:00 am by

It’s been over five years since we last checked in with the struggling Canal Tower project at 86 Canal Street. And, unbelievably, not much has transpired here in the interim. Progress in recent times has been limited to installation of balconies and a staging area for materials on the ground floor.

Despite plans to the contrary, the Canal Tower won’t offer residential living at all. Rather, it’s been reborn as a hotel. Yes, seriously. It’s called the Canal Loft Hotel, and probably targets the constant horde of bus travelers arriving/departing the area. (It also joins the Leon Hotel and Hotel 50 Bowery within a few blocks.)

Signage arrived onsite last week.

As previously reported, the Canal Tower condo project had previously promised 83 luxury units and plenty of commercial space for delivery in December 2013. Right on time.

Instead, the Canal Loft Hotel is here. Below is the rather strange pitch, which relies on Ground Zero and Bloomingdale’s as selling points. Rooms apparently start at $134 per night.

Boasting a shared lounge, Canal Loft Hotel is situated in New York in the New York State region, an 11-minute walk from Bloomingdales. Around 1.2 km from Brooklyn Bridge, the property is also 1.6 km away from Ground Zero and offers free WiFi. The property is a 20-minute walk from One World Trade Center.

Speaking English and Spanish at the 24-hour front desk, staff are willing to help at any time of the day.

National September 11 Memorial & Museum is 1.7 km from the hotel. LaGuardia Airport is 12 km away.

You’ll recall that controversial landlord Baruch Singer acquired 86 Canal in 2007 for $20.5 million, and promptly razed the five-floored tenement. His grand plan was a sixteen-story nightmare. Thanks to a terrible economic downturn, those dreams were not realized, and he sold the property (at a loss) to Queens-based Wing Fung Realty Group in 2010 for $16.5 million.

Recent Stories

More than 100 Speakers Lambast Two Bridges Mega-Towers at City Planning Hearing

Yesterday was a day of reckoning for the Two Bridges community on the waterfront. The City Planning Commission held the final public hearing regarding the Environmental Impact State for a trio of controversial skyscrapers along South Street. As previously reported, three developers (JDS Development, Starrett Corp., CIM/L+M) together seek “minor modifications” to the current zoning […]

Trader Joe’s Debuts on the Lower East Side Tomorrow Morning

Get ready to queue, Lower East Side. Trader Joe’s is coming. The newest grocery location opens tomorrow morning after two years in the making. The new Essex Crossing outpost – situated in the basement of 400 Grand Street – is lucky number seven for the ubiquitous grocery store in Manhattan. It’s being lauded as the […]

McNally Jackson Books Faces $500K Rent Hike

Last week, we broke news that McNally Jackson Books is leaving its Prince Street headquarters next spring after fourteen years on the block. Eponymous owner Sarah McNally allayed the sadness by saying that they settled on a new space nearby. Reason for the abrupt departure is an astronomical rent hike. Until now, amount of the […]

Public Hearing on Two Bridges Skyscrapers Happening this Morning

Today is a pivotal day in the life of the proposed super-tall towers on the Lower East Side waterfront. The City Planning Commission is holding the final public hearing later this morning on the controversial application for the three new large-scale developments. Members of the public who attend will have a chance to speak (three […]

Russ & Daughters Expands with 14K Square-Feet at Brooklyn Navy Yard

Much like its centenary sister on East Houston (i.e. Katz’s Deli), Russ & Daughters is expanding into Brooklyn. The famed appetizing business – founded on the Lower East Side in 1914 – is planting a major flag at the Brooklyn Navy Yard. Taking up 14,000 square-feet of space in Building 77. It’ll include a production […]