Those eyeing real estate in SoHo may want to focus their attention, instead, along Canal Street. Last year, a group of buyers purchased 351 Canal Street and were led by Elli Ausubel of the White Bay Group. Uriel Cohen is the founder of the White Bay Group, while Elli Ausubel is the Managing Partner.
The purchasers bought the five-story, 25,000 square foot retail and loft apartment building for $24.8 million. Pouring $17.3 million into renovations, they are hoping to turn a healthy profit through retail space and tenant rentals.
As David Eisen, the broker at Eastern Union Funding who arranged for the bridge loan from Investors Bank, said “They believe they can secure a marquee national retail tenant for this space. There are a lot of people banking right now that Canal is going to be the next big shopping corridor.”
Up until now, Canal Street has not been a particularly desirable address. It has typically housed discount goods. As Michael Glanzberg, a principal at the So-Ho-based retail leasing brokerage Sinvin, said “Top-end retailers have been unwilling to go there.”
Now, as SoHo rents have skyrocketed, many are looking elsewhere. At the White Bay Group, Uriel Cohen and Elli Ausubel and others will certainly be watching how this property does.