Current Use by Public Records
- EZ 2 Trading inc / (Bike/Boat/Book/etc) Store
- OK Gift Shop / (Bike/Boat/Book/etc) Store
- Kufman/Kane Associates / Advertising Agency / Marketing & Advertising
Property Details for 257 Canal St
- Year built
- 1857
- Property type
- Retail properties & Spaces
- Property subtype
- Mixed-use properties
Description
This exceptional SoHo mixed-use property at 257-259 Canal Street presents a compelling redevelopment opportunity. The 8,070 square foot, two-story building sits on a 3,989 square foot lot and boasts a 51.17-foot frontage. Currently 100% occupied with six tenants, generating a net operating income of $375,882 and a gross income of $571,971, the property offers immediate cash flow. Zoned M1-5/R10 and SNX, within the Special SoHo/NoHo Mixed Use District, this site allows for significant development potential. With available air rights of 40,754 square feet, a floor area ratio of up to 12.0, and a potential buildable area of approximately 47,868 square feet, the property presents a rare chance to create a substantial project. Located in Opportunity Area 2, a maximum height of 275 feet is permitted. The property has been under the same ownership for 88 years, offering a stable history and a clear path to ownership. This is a unique chance to acquire a prime income-producing asset in one of New York City's most desirable neighborhoods. The asking price is $12,000,000.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- New York
- County
- New York
- State
- New York
- Longitude
- -74.0009
- Latitude
- 40.7186
