‘New Republic Bank’ Finally Occupies 3-Story HQ on Canal Street
For years, First Republic Bank has been teasing an anchor spot at the northeast corner of Canal and Elizabeth Streets. The shed went up in early 2014 and remained so for the duration of construction. What was first believed to be a corner branch is actually part of a much larger project. Heading past 159-165 Canal today, you’ll notice that nothing remains of the original building. Removed brick by brick over the course of the last few years.
Instead, a shiny new three-story development is on the verge of occupancy. The project appeared complete nearly two years ago, but is only now welcoming the money tenant – First Republic Bank finally has its day. This new glass-faced building features approximately 5,000 square-feet of commercially zoned floor area. Its appearance is a total let-down when compared to its predecessor, though.
The other retail space, meanwhile, is currently on the market. Owners are willing to divide this remaining space into two 25-by-75-foot blocks.
Manhattan-based Oved Group, in partnership with investors Nathan Accad and Jem Realty’s Alan Jemal, had previously dished out $33.6 million for the property. The transaction – recorded in October 2013 – included the five-story tenement at 40 Elizabeth Street which sits adjacent to the site. Shortly after the purchase, the row of jewelry businesses along the Canal corridor folded.