391 Canal Street

BKREA has been exclusively retained to arrange for the sale of 391 Canal Street ("The Site"), an exceptional development opportunity in the highly coveted SoHo neighborhood. The site is located on the North side of Canal Street, between Thompson Street and West Broadway, with 21.5 feet of frontage along Canal Street. Its flexible M1 5/R10 zoning, and prime location present developers with an opportunity to capitalize on the strong demand for residential developments, as well as favorable retail economics driven by the proximity to top tourist attractions in SoHo and TriBeCa. Currently, the site consists of one tax lot, improved with a one-story building. The entire site will be delivered vacant, allowing developers to demolish the remaining existing structure. The development lot spans 1,618 square feet and is located within the M1-5/R10, SNX (Special SoHo NoHo Mixed-Use District), permitting a maximum as-of-right FAR of 12.0 for Residential-Universal Affordability Preference (UAP) uses, with up to 10.0 FAR allocated for market-rate residential purposes. A purchaser can satisfy the UAP affordability requirement by acquiring offsite UAP certificates (formerly offsite Inclusionary Housing), which would increase the market-rate ZFA to 12.0 FAR (20,261 square feet). These certificates are not included in the sale. While the highest and best use is a residential project with retail at the base, zoning also allows for a total FAR of 5.0 for commercial use, 5.0 FAR for manufacturing, and 6.5 FAR for a community facility. This development site presents an exceptional opportunity for developers to capitalize on the strong fundamentals of the highly desirable SoHo neighborhood. The area has long been one of New York City's most vibrant and luxurious neighborhoods. Situated at the crossroads of SoHo and Tribeca. The area is highly pedestrian-friendly, with wide sidewalks and a dense mix of retail, dining, and cultural attractions within a short walking distance. The site is well-served by multiple subway lines, with the Canal Street station just steps away, providing access to the A, C, and E trains, ensuring seamless connectivity to Midtown, Brooklyn, and beyond.