Canal Street poised for makeover

Retailers around Canal Street are being pushed out of Chinatown as rents rise and high-end developments threaten to reconfigure the neighborhood. New projects in development include a 20-story glass hotel at 370 Canal Street, a five-story commercial building being developed by Alex Chu at Canal and Centre Streets, and One York Street, where 55 percent of the 35 units have been sold — including a $20 million seventh-floor apartment. Rents for retail space on Canal Street are going for as much as $350 per square foot, compared to Manhattan’s average of $107 per square foot.