298 Mulberry Street
Update
12/28/22
NoHo Mixed-Use Acquired for $114.9M
An 8-story mixed-use building, located at 298 Mulberry Street in Manhattan's NoHo neighborhood has just been sold for $114.9 million. The structure was purchased by Empire State Realty Trust from the previous owners, Broad Street Development and Crow Holdings, in a deal brokered by JLL.
Originally constructed in 1986 and later renovated in 2015, it contains rental apartments and square feet of ground-floor retail space. Most of the retail portion is currently leased out to CVS Pharmacy.
In terms of tenant amenities, the building is pet-friendly and features a fitness center as well as a rear courtyard.
There is also an enclosed garage, located in the basement of the structure, which features 21 paid parking spaces. Altogether, 298 Mulberry Street totals square feet.
While $114.9 million may seem a bit extreme for a building of this size and vintage, it must be remembered that Manhattan's real estate prices are very much driven by location. NoHo in particular is currently one of Lower Manhattan's trendiest and most desirable neighborhoods, meaning that many residents are willing to shell out a pretty penny in order to have direct access to some of New York's best restaurants and shopping scenes.
