The Reel

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A blog for breaking sales and neighborhood real estate news.

A walk-up apartment building at 245 Mulberry Street, located between Prince and Spring Streets in Manhattan’s NoLita neighborhood, was sold in an all cash transaction valued at $7,250,000.

The 25 foot wide, five-story plus basement building contains approximately 9,650 square feet. There are twenty apartments, of which six are rent stabilized, two rent controlled and the remaining twelve units are all free market. There are six two-bedroom units, two three-bedroom units, five one-bedroom units and seven four-bedroom units. The recent gut renovations included, hardwood floors, marble tiles, new appliances and washer and dryers in each unit. Additionally, private gardens were given to the ground floor duplex apartments. The sale price equates to $751 per square foot, a 5.95% Capitalization Rate and 13.35 Gross Rent Multiple.

“This sale represents the pent up demand from foreign buyers looking to pour capital into quality commercial real estate in New York City, viewed as the most stable and highly profitable city to invest in,” said Massey Knakal Vice Chairman and Partner John Ciraulo who exclusively handled this transaction with Senior Vice President of Sales Robert Burton and Director of Sales Craig Waggner.

Click here for press release

Neighborhoods: NoLIta/ Agents: John Ciraulo, Robert Burton