Soho mixed-use building sold vacant for $25M

A five-story mixed-use building in Soho has changed hands for $24.75 million.

Eastern Consolidated brokered the sale of a prewar, cast-iron property at 351 Canal Street, delivering it completely vacant. About 85 percent of the tenants had been on a month-to-month lease or had termination clauses that were effective upon the potential sale of the building. Tunnel Holdings LLC owned it for 70 years.

Eastern’s Peter Carillo, Paul Nigido and Alexander Erdos brokered the deal. The seller was not disclosed.

The building has three ground-floor retail spaces, four second-floor commercial offices and 10 residential units. There is also a 5,124-square-foot cellar. [REW] — Mark Maurer