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Convertor buys loft building for $25m.


A 12-story elevatored store and loft building at 56 Canal Street Canal Street may refer to:
  • Canal Street (Manchester), England, UK
  • Canal Street, New Orleans, Louisiana, USA
  • Canal Street (Manhattan), New York City, New York, USA
 on the cusp of TriBeCa East, the Lower East Side and Chinatown was sold by Massey Knakal Realty realty n. a short form of "real estate." (See: real estate)


REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property.
 Services in all-cash transaction valued at $25,000,000.

The 66' x 73' corner property is located on the southwest corner of Canal and Orchard Streets The name Orchard Street can refer to the following roads:
  • Orchard Street (Manhattan), New York City
  • Orchard Street (London)
  • Orchard Road, Singapore
. It contains approximately 60,379 square feet above grade and nearly 62,634 square feet with the below grade and vault space. The property lies in a C6-2G commercial zone with an R8A residential equivalent. It sold for $414.05 per square foot.

"This building lies in a special zone that preserves the Asian garment industry , therefore it s use is restricted to that particular industry, said Massey Knakal Broker Peter DeCheser, who exclusively represented the seller. "The building itself is spectacular, with 360 degree views of all of Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North ."

The property was purchased by a Manhattan converter (1) A device that changes one set of codes, modes, sequences or frequencies to a different set. See A/D converter.

(2) A device that changes current from 60Hz to 50Hz and vice versa.
. Massey Knakal Realty Services was the sole broker in this transaction.
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Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Article Details
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Jan 18, 2006
Words:165
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