Peter Braus, Lee & Associates NYC LLCManhattan, NY Peter Braus, managing principal, and Richard Kave, managing director of Lee & Associates NYC LLC have arranged the sale of 301 Canal St. for $5.4 million on behalf of the seller, 301 Canal Street LLC. The buyer was United American Land and Steve Himmelfarb of Himmelfarb Commercial LLC acted as the seller’s consultant.
Located in the Soho Cast Iron Historic District, the two-story, 1,751 s/f building has a FAR 5 on a 907 s/f lot, just off Broadway.
The building was vacant at the time of the sale. The original asking price was $5.5 million.
“The sale price was just shy of the asking, which in this market is quite an accomplishment,” said Braus. “But the buyer, who also owns the adjacent property, as well as several others in the area, was eager to make the deal.”
According to Kave, “There was a tremendous amount of interest in the site, especially due to its proximity to the N, R, W, and Q trains, and we had several excellent proposals. I am pleased that United American Land was able to consummate the transaction, paving the way for a new development at this extremely vibrant corner.”
At $3,083 per s/f, the transaction represents the second highest investment sale on Canal St., to date.
The New York office of Lee & Associates, and its affiliated company Sierra Real Estate LLC, provides a full array of corporate advisory and commercial real estate services, including office and retail brokerage, sales and investments, and project and property management. Together, the firms have more than 85 real estate professionals in its 600 Madison Ave. headquarters office.
Celebrating more than 37 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with 58 locations across the nation including California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, South Carolina, Texas, and Wisconsin. With almost 900 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level.
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