JLL Capital Markets announced the $114.9 million sale of 298 Mulberry St., a 96-unit, market-rate, mixed-use rental apartment property on the corner of East Houston and Mulberry Streets in the Noho neighborhood of Manhattan.
JLL exclusively represented the sellers, Broad Street Development, a leading, New York-based real estate developer, investor and operator, and a real estate fund advised by Crow Holdings Capital, a Texas-based firm with a long history of investment and development across the country. Empire State Realty Trust, the buyer, acquired the property all-cash pursuant to a 1031 transaction.
Built in 1986, the full-service, seven-story building is located at the nexus of NoHo, SoHo, Greenwich Village and the Lower East Side, a very desirable residential Manhattan neighborhood with easy access to mass transit and walking distance to New York University’s campus.
All 96 apartments are market-rate rentals and a CVS store is the sole retail tenant.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Andrew Scandalios, Rob Hinckley and Jeffrey Julien, Senior Director Steven Rutman, and Associate Jonathan Faxon.
“Regardless of macro-economic headwinds, blue-chip assets like 298 Mulberry will always be en vogue. This is arguably the best mid-rise asset in all of New York City sitting at the confluence of every trendy neighborhood in Manhattan and also recently renovated to modern luxury standards,” said Hinckley. “This was a once-in-a-decade opportunity to buy irreplaceable real estate with more upside to come.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.