Over Ten Years Later, Retail Returns to Canal Street Tower with ‘Möge Tee’
Back in late 2007, the entire southwest corner of Canal and Eldridge Streets fell. Controversial landlord Baruch Singer had just acquired the assemblage of tenements for $20.5 million. That was the last time any commercial business held court at 86 Canal Street.
Ten years and sixteen stories later, the new hotel building has life on the first floor. Illuminated storefront signage teases the forthcoming opening of a bubble tea spot called Möge Tee (yes, there are umlauts). This Canal Street outpost is actually the second for the Flushing-based business. (Apparently franchises are also available.) The menu offers up more than a dozen different types of bubble tea cocktails.
Möge Tee will open this Friday (July 27).
As previously reported, former property owner Baruch Singer purchased the buildings at Canal and Eldridge in 2007 for $20.5 million, and had initially planned a sixteen-story nightmare. The economic downturn threw a wrench in those plans, however, and the controversial landlord instead sold the property (at a loss) to Queens-based Wing Fung Realty Group in 2010 for $16.5 million. The twelve-story residential Canal Tower eventually sprouted, but never panned out, having sat empty for years.
Instead, the space morphed into the blandly-named Canal Loft Hotel, which opened back in March.