The Real Deal New York

United American Land buys Soho site for $28M

Company controls three corners at intersection of Broadway and Canal

October 19, 2016 05:20PM
By Rich Bockmann and Adam Pincus

Al Laboz and 419-423 Broadway

Al Laboz and 419-423 Broadway

Call it the corner of Broadway and United American Land.

The Soho-based development firm picked up a pair of parcels at 419-423 Broadway in Soho for $28 million. The acquisition gives UAL – headed by brothers Albert, Jason and Jody Laboz – control of three corners at the intersection of Broadway and Canal Street.

“It’s a bustling corner. There’s so much traffic there,” company principal Albert Laboz told The Real Deal. “It’s an anchor for lower Soho, and I think we could do something really special there.”

The two tax lots, which sit at the northeast corner of the intersection, contain a small building and a three-story walkup that combine for nearly 7,500 square feet.

Laboz said the firm is still evaluating its options for the site, which has about 135 feet of wrap around frontage and the potential to build roughly 26,000 square feet.

The seller was Gee Yi Liang, records show.

Back in 2007, UAL TRData LogoTINY bought the adjacent property at 425 Broadway for $7.6 million, property records show. The latest deal gives the company control of more than half the block fronting along Broadway.

UAL owns properties on the southwest corner of Broadway, which is home to a Duane Reade, and the northeast, where there is a Bank of America branch and Verizon store.

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