Oved brings retail reno to market on gritty Canal Street: source 

Group purchased pair of buildings last year for $34M

New York /
Jun.June 23, 2014 06:30 PM

Schuckman Realty has been tapped to market a retail renovation project in Chinatown spearheaded by the Oved Group, The Real Deal has learned. 

The brokerage, which is based in Woodbury, N.Y., is marketing one of two 50-by-75-square-foot spaces on the ground floor and 6,250 square feet above in a pair of buildings that were purchased last year by a partnership lead by the Manhattan-based Oved.

According to pubic records, Oved, along with partners Nathan Accad and Jem Realty’s Alan Jemal, paid $33.6 million for the two buildings,which are located at 159-165 Canal Street and 40-42 Elizabeth Street.

Oved’s real estate division is headed by Joseph Oved.

Schuckman could not be immediately reached and Oved declined to comment.  But a source close to the project sent along renderings and said the space is hitting the market asking $400 a foot on the ground floor and $100 a foot above.

A number of jewelry businesses had previously occupied the ground floor, and the owners are willing to divide the remaining space into two 25-by-75-foot blocks.

Anchor tenant First Republic Bank has expanded to 5,000 square feet in the Chinatown property, which is currently under construction.

A number of investors and developers are making inroads along the same stretch of Canal Street, which is marked mostly by banks and small stalls where street items such as cologne, jewelry and bags are hocked.

Colt Equities’ Jack Joseph Sitt, son of Thor Equities CEO Joe Sitt, led a partnership in May that paid $13.5 million to purchase a commercial ground lease for 335 Canal out of bankruptcy. That location is just a few blocks to the west of Oved’s properties.

Colt and its partners plan to construct a seven-story mixed-use building with retail on the ground floor.

Winick Realty is currently shopping approximately 1,250 square feet on the ground floor of the four-story building at 272-274 Canal Street owned by Century 21. Winick could not be reached for comment.

Other investors in the area include Lloyd Goldman, Vornado Realty Trust, United American Land and Transworld Equities ­– all of which are banking on Canal Street drawing spillover from the shopping hotspot SoHo to it’s north.

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