Rethinking Canal Street

TRD New York /
Jun.June 14, 2010 12:30 PM

Canal Street

A group of developers have commissioned a study to rethink Canal Street as they ratchet up a controversial effort to allow for taller buildings along Chinatown’s main thoroughfare, the Wall Street Journal reported. The developers say that Canal Street’s role as a major transit hub and commercial center means they should be allowed to build high-rise offices and apartments in place of the low-slung buildings that occupy much of the street. But they’ll have to overcome
concerns that their push would damage Chinatown’s economy and heritage. “It’s such an important part of New York, and right now it’s sort of blighted,” said Keith Lipstein of developer ABS Partners Real Estate. “I’m a big proponent, at least from a commercial standpoint, of that area being rezoned to the highest possible density.” The developers’ movement to rezone Canal Street comes amid a broader effort by business and community leaders in Chinatown to both revitalize and preserve the historic neighborhood. That effort is being spearheaded by the Chinatown Working Group, a community group that is hoping to agree on a comprehensive plan for Chinatown and submit it to the city by the end of the year. [WSJ]

 

Related Articles

arrow_forward_ios
Jin Fong Restaurant at 20 Elizabeth Street and Governor Andrew Cuomo (Credit: Jing Fong by Craig Barritt/Getty Images for VICE Media; Cuomo by ANGELA WEISS/AFP via Getty Images)

NYC’s largest Chinese restaurant closes amid global health crisis

NYC’s largest Chinese restaurant closes amid global health crisis
55-59 Chrystie Street and Rosewood Realty's Greg Corbin (Credit: Google Maps)

Chinatown mixed-use building heads to bankruptcy auction

Chinatown mixed-use building heads to bankruptcy auction
136 East 57th Street (Credit: Google Maps)

ABS, AEW, East End Capital ink ground lease at Midtown East building with plans for overhaul

ABS, AEW, East End Capital ink ground lease at Midtown East building with plans for overhaul
Long Island Cheat Sheet: Riverhead town board to vote on one of the largest land sales in LI history … & more

Long Island Cheat Sheet: Riverhead town board to vote on one of the largest land sales in LI history … & more

Long Island Cheat Sheet: Riverhead town board to vote on one of the largest land sales in LI history … & more
Real estate tech firm Flip inks lease on Grand Street in Williamsburg

Real estate tech firm Flip inks lease on
Grand Street in Williamsburg

Real estate tech firm Flip inks lease on
Grand Street in Williamsburg
Daun and Peter Hauspurg and ABS Partners Real Estate offices at 200 Park Avenue South (Credit: Twitter and ABS Partners)

They ran a brokerage, now they’re sourcing deals. Why Daun and Peter landed at ABS

They ran a brokerage, now they’re sourcing deals. Why Daun and Peter landed at ABS
NYC’s multibillion-dollar enigma

NYC’s multibillion-dollar enigma

NYC’s multibillion-dollar enigma
Peter Hauspurg and Daun Paris resurface at ABS Partners

Peter Hauspurg and Daun Paris resurface at ABS Partners

Peter Hauspurg and Daun Paris resurface at ABS Partners
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...