The Real Deal New York

Retail landlords cash in on Canal Street

Big names snap up retail, hoping for a Soho spillover
By Adam Pincus | July 11, 2012 10:30AM

From the July issue: Property owners are betting that Canal Street, long a mishmash of counterfeit handbag stores and small-electronics purveyors, is on the cusp of a real estate transformation.

Vacant storefronts and construction plywood has popped up on the noisy, bustling seven-block stretch from West Broadway to Centre Street. Much of the build-out is being done speculatively, some by new owners like high-profile investor Vornado Realty Trust, which recently picked up a small property there. But established owners on the street are also rehabbing storefronts and looking to add to their holdings. [more]