As Manhattan continues to march into the future, real estate development is heading full speed ahead. Take for example last year’s purchase of a 25,000 square-foot, five-story building at 351 Canal Street. The group of developers, led by Elli Ausubel, partners with Uriel Cohen White Bay Group, invested close to $25 million last year to purchase the property, and is planning on adding another $17 million to renovate it, to create a ground floor space for a major retail outlet, while the upper floors will be turned into luxury rental apartments.
Ausubel and his group have made a pretty reasonable bet that what is now one of the lowest rental districts south of Soho will continue to rise as the neighborhood becomes ever more desirable.
David Eisen, the broker who arranged the financing at Eastern Union Funding for the group explained how the group of developers chose the location:
“They believe they can secure a marquee national retail tenant for this space,” said Eisen. “There are a lot of people banking right now that Canal is going to be the next big shopping corridor.”