BKREA has been exclusively retained to arrange for the sale of 391 Canal Street ("The Site"), an exceptional development opportunity in the highly coveted SoHo neighborhood. The site is located on the North side of Canal Street, between Thompson Street and West Broadway, with 21.5 feet of frontage along Canal Street. Its flexible M1- 5/R10 zoning, and prime location present developers with an opportunity to capitalize on the strong demand for residential developments, as well as favorable retail economics driven by the proximity to top tourist attractions in SoHo and TriBeCa. Currently, the site consists of one tax lot, improved with a one-story building. The entire site will be delivered vacant, allowing developers to demolish the remaining existing structure.

The development lot spans 1,666 square feet and is located within the M1-5/R10 zoning district, part of the Special SoHo-NoHo Mixed-Use District (SNX). The property allows for a maximum as-of-right FAR of 12.0 for Residential-MIH/Universal Affordability Preference (UAP) uses, equating to approximately 19,992 buildable square feet. The MIH requirement can be satisfied by constructing the affordable housing component offsite. While the highest and best use is a residential development with ground-floor retail, zoning also permits a total FAR of 5.0 for commercial use, 5.0 for manufacturing, and 6.5 for a community facility