Vera Sung plans 25K sf retail building in Chinatown
217 Canal Street schematic rendering (Credit - Shiming Tam architect via DOB)
Vera Sung submitted a new building construction project for a 24,993 square-foot retail food and beverage building at 217 Canal Street in Chinatown, Manhattan. The plan was filed with the New York City Department of Buildings on June 3, 2024 under job number M00857651. It calls for the construction of a eight-story building. The project is described in the filing as: proposed an eight-story with cellar new building for commercial use. The property is owned by Thomas Sung, city records show. The architect is S M Tam Architect.
This plan supersedes and older plan for development on the parcel, Vera Sung filed nearly ten years ago.
On September 22, 2014 under job number 122137552, VJHC Development submitted a new building construction project for a 25,160 square-foot office (B) building on the same tax lot, using the address 213 Canal Stree. It called for the construction of a eight-story office building.
217 Canal Street Job M00857651
| wdt_ID | floor | comment | description | persons_permitted | occupancy_label | zoning_use | dwelling_units |
|---|---|---|---|---|---|---|---|
| 1 | Cellar | EATING & DRINKING ESTABLISHMENT | Business and Service | 74 | Business | 6A | |
| 2 | Cellar | UTILITY ROOMS | Storage of non combustible Materials | N/A | Storage | 6G | |
| 3 | 1 | EATING & DRINKING ESTABLISHMENT | Business and Service | 74 | Business | 6A | |
| 4 | 2 | EATING & DRINKING ESTABLISHMENT | Business and Service | 74 | Business | 6A | |
| 5 | 3 | EATING & DRINKING ESTABLISHMENT | Business and Service | 74 | Business | 6A | |
| 6 | 4 | EATING & DRINKING ESTABLISHMENT | Business and Service | 74 | Business | 6A | |
| 7 | 5 | EATING & DRINKING ESTABLISHMENT | Business and Service | 74 | Business | 6A | |
| 8 | 6 | EATING & DRINKING ESTABLISHMENT | Business and Service | 74 | Business | 6A | |
| 9 | 7 | EATING & DRINKING ESTABLISHMENT | Business and Service | 74 | Business | 6A | |
| 10 | 8 | EATING & DRINKING ESTABLISHMENT | Business and Service | 74 | Business | 6A |
The property
The retail building in Chinatown has 4,237 square feet of built space and 10,639 square feet of additional air rights for a total buildable of 14,878 square feet according to a PincusCo analysis of city data. The parcel has frontage of 58 feet and is 45 feet deep with a total lot size of 4,325 square feet. The lot is irregular. The city-designated market value for the property in 2022 is $4.4 million.
Prior sales and revenue
The 4,237-square-foot property generated revenue of $827,851 or $195 per square foot, according to the most recent income and expense figures.
The block
On this tax block, PincusCo has identified the owners of six of the 18 commercial properties representing 73,377 square feet of the 175,194 square feet. The largest owner is Conway Capital, followed by Croman Real Estate and then Daniel Group. On the tax block, there were three new building construction projects totaling 72,816 square feet. The largest is a 25,160 square-foot business (B) building submitted by VJHC Development and filed by Vera Sung with plans filed September 22, 2014 and it has not been permitted yet. The second largest is a 24,993 square-foot 56 building submitted by Thomas Sung and Vera Sung and filed by with plans filed June 3, 2024 and it has not been permitted yet.
The surrounding
Within a 400-foot radius of 217 Canal Street, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, one was for major renovation including a certificate of occupancy change. It was a permit issued on July 3, 2023 for the $861,660 renovation of 4,168-square-foot business (B) building at 219 Canal Street. Of those three items, two were loans above $5 million totaling $20.9 million. The most recent of the two was Zhi Li Pan in which borrowed $5.9 million from Cathay Bank secured by the 27,528-square-foot, 25-unit rental (C7) on 91 Baxter Street on May 1, 2023.
Direct link to the property’s ACRIS page and link to DOB NOW portal.