Burton and Mehlhorn of Cushman & Wakefield selected to arrange the sale of 17,500 s/f mixed-use building

New York, NY Cushman & Wakefield’s Robert Burton and Keegan Mehlhorn have been retained on an exclusive basis to arrange for the sale of 365 Canal St., a mixed-use building located between Wooster St. and West Broadway in Manhattan’s SoHo - Cast Iron Historic District. The five-story, 17,500 s/f property sits on a 42-ft. by 86-ft. lot and is comprised of six large residential units and a 3,500 s/f retail space with a full basement. The building also sits within a M1- 5B zoning designation and allows for 18,113 s/f as-of-right. Of the six residential units, four are free-market and two are IMD units. Should they be legalized and brought to market rent, the units present a great upside for any investor. The residential units will be occupied. The retail component, which boasts approximately 42 feet of frontage, will be delivered vacant upon sale. Over the last several years, the area has seen significant improvements in its tenant mix due to a plethora of mass transit options and its close proximity to the Holland Tunnel. Additionally, eleven properties have traded along Canal St. this past year and there are currently six development and redevelopment projects well underway. “With these exciting projects and four of the city’s newest luxury condominiums on the same block, Canal Street is in the midst of an incredible transformation,” said Burton. “365 Canal gives a savvy investor the opportunity to be a part of it.”