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|Building Area Net||
|Number of units||96|
Jones Lang LaSalle (“JLL”) has been exclusively retained to arrange the fee simple sale of 298 Mulberry Street (the “Property”), a 96-unit, mixed-use asset located at the conﬂuence of the NoHo, SoHo, Greenwich Village, Nolita, East Village, and Lower East Side neighborhoods of Manhattan. The Property underwent an extensive renovation of all units in 2017 and is positioned as one of the most desirable rental buildings in Manhattan.
The Property is located less than 30 feet away from one of the entrances to the Broadway-Lafayette subway station (BDFM) and along East Houston Street, one of the most highly desirable residential and retail locations in New York City. 298 Mulberry contains 11,825 square feet of retail, of which over 90% is leased to credit-rated commercial tenant CVS (S&P: BBB) through 2035, in addition to 9,126 square feet of parking. The 96 residential units at the Property average 559 square feet and achieve rents in excess of $100 PSF, placing it among the highest rentals in Manhattan.
The Confluence Of Houston & Everything
At the conﬂuence of the four most desired residential neighborhoods in Manhattan, 298 Mulberry is at the epicenter of the ultimate selection of dining, nightlife and transportation options outside the building’s front door.
The Highest Quality Rental Building Of Scale In The Submarket
In 2017, the current ownership completed a full renovation business plan culminating in the completion of the market’s top residential rental opportunity including white oak wood ﬂooring, caesarstone countertops, stainless steel appliances, kohler ﬁxtures and gray stone bathroom tiling.
In-Place Stable Cash Flow
The combination of superior product, location, micro-market fundamentals (0.9% average vacancy) and credit tenancy produces a stable in-place cash ﬂow that will continue to garner insatiable demand and result in long-term appreciation and out-sized market rent growth.
Nearby Tech Impact
The proximate neighborhoods of Downtown Manhattan (Astor Place, Union Square, SoHo, Meatpacking, Hudson Square) are the desired locations for Tech hubs and jobs, evidenced by Microsoft and Google taking large blocks of space, driving further demand for prime residential assets like 298 Mulberry.
High Demand For Class A Office Product
A clear flight to quality exists in NoHo as there is an extreme supply and demand imbalance in class A new construction. The premium on new construction is exhibited through recent lease transactions at 799 Broadway and Zero Irving, where rents pushed through $190 psf.
Unmatched Transportation Access
The Property is located within two blocks of the Broadway-Lafayette / Prince / Bleecker Street subway stations catering to the 6, B, D, F, M, R, W lines providing express access to every major employment and leisure hub in the city. Residents can travel to Midtown South, Midtown, and Downtown all within 10-15 minutes.
Long-Term Investment Grade Retail Tenancy
CVS has a credit rating of BBB+ (S&P) and is under a long-term lease that extends through 2030 providing a risk-mitigating cash ﬂow component.
Long-Term Development Potential
Immense capital investment has poured into the NoHo market driving condominium pricing, such as at 40 Bleecker on the same block, to the mid-$3,000’s per square foot - the Property possesses 22,234 square feet of unused air rights presenting the opportunity for development upside on an exit.