Praise for Canal Buildings Restoration Plan

Work has been underway to take down the facade of 502 Canal Street (aka 480 Greenwich Street) so that it can be rebuilt. Next door, 504 Canal will also be restored. Photo: Carl Glassman/Tribeca Trib

It seemed like the moment would never come.

An architect stood before the city’s Landmarks Preservation Commission last month with a plan to restore long-neglected 502 Canal Street, the crumbling, 184-year-old landmark on the corner of Greenwich Street.

The extensive proposed work, presented by architect Adrian Figueroa, included a complete rebuilding of the facade with the original bricks. (Separately, he proposed a restoration for the adjacent building, at 504 Canal. Each is slated to become a townhouse.)

Twice since 2010, the commission threatened to sue owner Ponte Equities for alleged “demolition by neglect.” It took the collapse of a roll-down gate in January and the ensuing city-declared danger of imminent building collapse, to finally bring action.

An unnamed lessee, praised by the commissioners, is behind the work.

“This building is just such a disaster,” said commissioner Joan Gerner. “It’s wonderful that it will be returned back to the city.”