The former Pearl Paint building on Canal Street between Broadway and Church Street offers 15,400 square feet of retail space over five stories, including 2,357 square feet on the ground floor. Vornado Realty Trust bought the building in 2014 from longtime owners the Sathue family. The $16.4 million deal was Vornados second retail acquisition on Canal Street south of Soho.

Vornados purchase was part of the slow transformation of the seven-block shopping district on Canal Street (from West Broadway to Centre Street south of Soho) from a discount stereo, perfume and knockoff handbag destination, into a more traditional retail area, as large owners buy up property.

-NE