Cast-Iron Loft Nets $25 M.
Al Barbarino Sept. 18, 2013, 1:56 p.m.
Tunnel Holdings has sold its classic, pre-war, cast-iron loft building at 351-353 Canal Street for $24.75 million.
The property will be delivered vacant, as 85 percent of the tenants were leasing on a month-to-month basis or had termination clauses in their leases, according to an announcement from Eastern Consolidated, which arranged the sale.
“We had multiple inquiries for this mixed-use building, no doubt because SoHo is arguably Manhattan’s most sought-after neighborhood,” said Peter Carillo, who represented the seller and procured the buyer with Alexander Erdos and Paul Nigido, in a statement.
Potential to re-position the asset amid a booming retail environment in the neighborhood, as it benefits from a “liberal” M1-5B zoning designation, permitting residential, retail and commercial office use, according to the announcement.
Built circa 1900, the property features hardwood oak strip flooring throughout, 16-foot ground floor ceiling heights and 12-foot ceilings on upper floors, some of which retain their original tin decoration. There is an oversized automatic passenger elevator and a 5,124-square-foot cellar.
SoHo’s Cast Iron Historic District houses the world’s largest collection of buildings with cast iron fronts, ranges from Houston to Canal Streets (north to south) and from Crosby Street to West Broadway (east to west). Notable retail in the area includes Beau Brummel, DKNY, Kate Spade, Marc Jacobs and Ralph Lauren.
The buyer was disclosed only as 351 Canal LLC.