Rentals Launch at Canal Street's Former Pearl Paint

By CityRealty Staff | From Downtown Friday, March 24, 2017

Renovated interiors at 57 Lispenard Street, the former home of Pearl Paint. (Image via Corcoran)

At the end of Pearl Paint's eight-decade-long legacy, both established and up-and-coming New York artists mourned its loss. Seizing the opportunity for a conversion, Vornado Realty Trust picked up the property for $16.4 million, in addition to his acquisition of the 15,000-square-foot building at 334 Canal Street which they bought for $8.2 million at a bankruptcy auction.

Now that the mourning period has reached its three-year term, its collection of stunning new residences addressed as 57 Lispenard Street have hit the market —boasting some of the iconic features of the beloved art store, including the classic, neon "Pearl Paint" which adorned the flagship. From least to most expensive, the units are priced as follows: the second-floor unit is renting for $16,000/month; the third floor for $16,500; the fourth floor is asking $17,000/month; and the penthouse, which has south-facing views, is asking $18,000/month.

Spacious living areas at 308 Canal Street; Via Corcoran

Master bedroom; Via Corcoran

Modern bathrooms; Via Corcoran

Deep soaking bath; Via Corcoran

Built in 1910 to hold a modest 5-stories and 2-units, 308 Canal Street waited nearly 50 years for Pearl Paint to hang its red-and-white sign above the entryway. The store, specializing in paint, already had a thriving customer base since in opened in 1933 on Church Street, but with the addition of art supplies and a spruce-up of the building to match the red and white color of the Pearl Paint logo it became one of Tribeca's most beloved art stores until it finally closed on April 17, 2014.

Now, the conversion is complete and the building is readying for occupancy, and the upscale units inside present a modern take on what was once a small piece of New York history. Amenities are par for the course in terms of contemporary comfort, and the building's prewar details —like the columns in the living rooms, the quintessential exposed brick, and the massive industrial windows— all remained intact. The neon sign that once hung on the flagship has been installed in the lobby to serve as a “Pearl Paint” memorandum.

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As for the interiors? The studio-like sizes of the full-floor units are a nod to the artistic history of the building (or a jab at those who lost a favorite place to frequent (depends who you ask), with each unit encompassing 2,365 square feet of space. Residences are outfitted with high-end appliances, wine fridges, radiant bathroom flooring, central air-conditioning, and stacked washer/dryers. There is basement storage, an elevator, and an extra set of washers and dryers in the building.

As CrubedNY reports, the smaller of Pearl Paint’s buildings, located next door at 308-310 Canal Street, "is in the process of going mixed-use." But it seems that the Landmarks Preservation Commission isn't quick to give their approval. They called the proposal too "overwhelming" to be part of the historic district, so the lowrise building (owned by Trans World Properties), will have to jump through quite a few hoops to get its two-floor addition.

The lobby showcases the iconic

57 Lispenard Street Leasing

57 Lispenard Street Leasing
57 Lispenard Street
New York, NY 10013

(212) 539-XXXX

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