261-267 Canal Street
This is a mid-market office trade in SoHo at a sub-$350 PPSF, which represents a notable discount relative to recent SoHo office comps that have traded between $800 and $2,700 PPSF, suggesting the asset may carry meaningful vacancy, deferred capex, or lease-up risk typical of older century-old office stock. The calculator-implied DSCR of 0.94x at standard leverage is a concern for conventional debt underwriting, as debt service is not covered by in-place NOI, indicating the deal likely underwrites to a value-add or repositioning thesis rather than stabilized cash flow. The buyer group is credible — Adam Rubin's $647M track record and the JV structure indicate experienced sponsors capable of executing a repositioning strategy, which somewhat mitigates execution risk. The SoHo submarket has shown selective but real investor demand for office product at distressed or value-add basis, and a $349 PPSF entry point provides reasonable downside protection in a market where comparable stabilized assets trade at multiples of that figure. Overall, the deal scores as a B-quality opportunity with meaningful upside contingent on successful repositioning, partially offset by current debt coverage shortfall and the broader headwinds facing NYC office leasing.
Deal Stats
Parties
Seller / Landlord
Philip Chong - 267 Canal St Corp
Philip Chong, operating through 267 Canal St Corp, appears to be a long-tenured private owner of the Canal Street asset, consistent with a legacy family office or closely held holding company that acquired the property decades ago. The clean transfer to a JV buyer group with no disclosed distress suggests an orderly disposition at market pricing.
Buyer / Tenant
Adam Rubin, Abraham Khalili, Husain Jafferjee & Jeremy Aidan
Adam Rubin is a highly active NYC commercial real estate investor with over $647M in transaction volume across 10 deals, indicating a seasoned mid-to-large market operator with demonstrated execution capacity. Abraham Khalili adds complementary deal experience with $52.1M in volume, and the broader JV partnership signals a collaborative capital structure likely supported by institutional or private equity backing.
Score Analysis
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Resolve outstanding violations or liens
Active violations significantly depress the score; clearing them has high impact.
Provide sponsor financial statements
Documented liquidity and net worth reduce lender risk perception.
Submit a detailed business plan
A clear repositioning or hold strategy demonstrates deal viability.
Identify institutional co-lenders or equity partners
Reputable co-investors signal deal quality to underwriters.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Office Sale 267 Canal Street Daily limit: 10/10 Adam Rubin, Abraham Khalili, Husain Jafferjee & Jeremy Aidan Acquire Office Building On Canal Street For $36M SOLD $36,000,000 AK 103,047 SF Sold 3 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $349 Total Square Footage: Transaction Type: The property involved in this transaction is an office asset located at 261-267 Canal Street in the SoHo market of Manhattan. The sale was finalized for $36,000,000, with a total square footage of 103,047, resulting in a price per square foot of $349. Summary of transation details: Property Type: Office Transaction Amount: $36,000,000 Address: 261-267 Canal Street Market: SoHo, Manhattan Square Footage: 103,047 Price per Square Foot: $349 Buyer: Adam Rubin, Abraham Khalili, Husain Jafferjee & Jeremy Aidan Seller: Philip Chong - 267 Canal St Corp The deal marks a notable mid-market office trade in the SoHo submarket, reflecting an ongoing investor interest in Manhattan commercial properties priced below $350 per square foot. The buyers, Adam Rubin, Abraham Khalili, Husain Jafferjee, and Jeremy Aidan, added this century-old asset on Canal Street to their investment portfolio through the transaction with seller Philip Chong. Players All Buyers | Sellers Abraham Khalili 2 deals $52.1M volume SELLER Adam Rubin 10 deals $647.6M volume Details Deal Summary IMAGE: 05/03/2026 ADDRESS: 261-267 Canal Street MARKET: SoHo, Manhattan ASSET TYPE: Office BUYER: Adam Rubin, Abraham Khalili, Husain Jafferjee & Jeremy Aidan SELLER: Philip Chong - 267 Canal St Corp SALE PRICE: $36,000,000 SF: 103,047 - PPSF: $349 NOTE: The sale marks a significant mid-market office trade in the SoHo submarket, signaling continued investor appetite for Manhattan commercial assets at a sub-$350 price point. Rubin, Khalili, Jafferjee, and Aidan finalized the deal with seller Philip Chong to add the century-old Canal Street asset to their portfolio. Email New York | @tradedny Comps 10 These are similar deals based on proximity and similarity to the subject deal. 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Deal Type SALE LOAN LEASE Purchase Price Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Operating Income Gross Potential Rent (Annual) Vacancy Rate (%) Operating Expenses (Annual) Property Tax Insurance Maintenance Utilities Management Reserves Reset Net Operating Income (NOI) $1,920,000.00 Debt Service Coverage Ratio (DSCR) 0.94x DSCR below 1.0x - deal does not cover debt service Cap Rate 5.33% Cash Flow (Annual) -$127,900.40 Cash-on-Cash Return -1.27% Monthly Debt Service $170,658.37 Annual Debt Service $2,047,900.40 Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. 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