Eastern Consolidated has sold a cast iron Soho loft building for $24.75 million.
“We had multiple inquiries for this mixed-use building, no doubt because SoHo is arguably Manhattan’s most sought-after neighborhood,” said Peter Carillo, senior director at Eastern Consolidated who handled the deal with Alexander G. Erdos and Paul J. Nigido.
” The property will be delivered vacant, since 85% of the tenants were leasing on a month-to-month basis or had termination clauses in their leases, which became effective upon the sale of the property.”
The five-story pre-war building at 351-353 Canal Street, has been “impeccably maintained” for the past 70 years under the ownership of Tunnel Holdings LLC, according to Carillo. It offers three retail spaces on the ground floor, four commercial offices on the second floor and ten residential units on floors three through five.
Built circa 1900, it has an automatic passenger elevator and a 5,124 s/f cellar area, which currently accommodates movable storage cages for residential tenant use. It has M1-5B zoning designation, permitting residential, retail and commercial office use.
Retailers and boutiques nearby include the flagships or branches of the likes of Beau Brummel, DKNY, Kate Spade, Marc Jacobs, Ralph Lauren, Nicole Miller and Salvatore Ferragamo, to name a few; and popular eateries include Balthazar, Dos Cominos, Fanelli’s Café, the Mercer Kitchen and Raoul’s.
Walter Kretz, Esq., Scoppetta Seiff Kretz & Abercrombie and Myra Sencer, Esq., Sencer Law represented the seller, while Aaron Stein, Esq., Stein Farkas Schwartz & Fish LLP acted on behalf of the buyer.
