It seems like SoHo’s Canal Street shopping is just about to
get a whole lot better. Elli
Ausubel – who is a partner with White Bay Group Uriel Cohen – has purchased a large, 25,000 sq. ft. building.
Ausubel purchased the building – with a group of buyers –
for $24.8m. There are future plans to put a further $17.3m into it with
renovations, with a bridge loan from Investors Bank.
According to Eastern Union Funding broker David Eisen (who arranged the financing for this investment), the fact that Ausubel received this bridge loan is good news and makes his decision to invest here a logical one. He said:
According to Eastern Union Funding broker David Eisen (who arranged the financing for this investment), the fact that Ausubel received this bridge loan is good news and makes his decision to invest here a logical one. He said:
"They believe they can secure a marquee national retail tenant for this space.There are a lot of people banking right now that Canal is going to be the next big shopping corridor.It was a real sign of confidence on behalf of the lender in both the borrower and also the way the neighborhood is poised to change."
In addition, given that rents in Canal Street are relatively cheap, it will gain momentum and popularity for shoppers and tenants alike.
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