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Ch-ch-ch Changes

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Pearl Paints on Canal Street is not long for this world. The Real Deal reports that Vornado Realty Trust picked up the building at 304-306 Canal Street for $16.4 million over the summer. The acquisition is Vornado's second on the commercial strip, the other being a 15,000-square-foot building at 334 Canal Street that the company paid $8.2 million for through a bankruptcy auction. TRD: Canal Street is "slowly transforming from a discount stereo, perfume and knockoff handbags destination, into a more traditional retail area" as big developers snatch up its buildings. [TRD]