45 Canal Street for Sale

Posted on: January 12th, 2010 at 6:27 am by

It’s always disheartening to see “for sale” signs hanging from old world neighborhood buildings. But it’s an all-too-common sight these days. Not too long ago, a real estate listing popped up for 45 Canal Street, the quaint three-story structure located between Ludlow and Orchard. Current asking price is $2,350,000 for the two units totaling of 2,800 square-feet.  However, one of the selling points by brokerage Marcus & Millichap is the 3,349 “developable air rights.”  Rooftop addition, anyone?

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Reportedly built in 1910, 45 Canal Street is now in its centennial year. And as evidenced by the engraved stone in the brickwork, the building was once the “E&G Model Shop,” a seemingly forgotten business about which little seems to be written (anyone know?).  Later in life, the address became home to Kunst Electrical Appliances on the ground level.

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In recent years, though, the ground level has hosted a pair of different art galleries.  Maccarone was headquartered here before decamping to Chelsea in 2007. Terence Koh’s Asian Song Society is the current tenant, but the gallery programming has reportedly been suspended for the time being.  Meanwhile, the classic Kunst Electrical Appliances signage remains in place.  A nice reminder of the past.

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