As BID Heats Up, Brokers Look to Chinatown

NEW YORK CITY-As Chinatown’s new Business Improvement District awaits a City Council blessing, landlords and agents are beginning to eye prime properties on Canal Street, brokers tell GlobeSt.com. New York City-based brokerage firm ABS Partners Real Estate LLC says they are looking to sell or long-term net lease an existing one-story property at 250 Canal, envisioning several repositioning alternatives for the site, such as commercial mixed-use, retail redevelopment or a hotel to be located on the southeast corner of Canal and Lafayette streets.

“Ultimately I think it will be very positive for the neighborhood,” Steven I. Hornstock, ABS’ co-managing partner and director of investment sales, tells GlobeSt.com. He describes the location as “highly visible” with “continual pedestrian and vehicle traffic,” given direct access to six subway lines and proximity to the Holland Tunnel and Manhattan Bridge.