asking price
146
Mulberry Street
SoHo / Little Italy Mixed- Use Building For Sale LOCATION:
East side of Mulberry Street between Grand and Hester Streets
BLOCK / LOT:
237 / 11
LOT DIMENSIONS:
36’ x 100' (Approx.) (Irreg.)
LOT SIZE:
3,572 SF (Approx.)
STORIES:
6 plus basement
BUILDING GROSS SF:
14,500 SF (Approx.)
ZONING:
C6-2G / LI
UNDERLYING FAR:
6.02, 4.5 comm, 3.5 resi, subject to special LI zoning resolution
AIR RIGHTS:
To be verified by a zoning architect or attorney
HISTORIC DISTRICT:
Section A1 of Special Little Italy District
PROJECTED NOI:
$711,968
TAXES (14/15):
$125,995
ASSESSMENT (14/15):
$958,500
Description: 146 Mulberry Street is a six-story mixed-use building on the east side of Mulberry Street between Grand and Hester streets.
The building is located in the Historic Little Italy neighborhood and is built full to lot size on the ground floor. The building has two separate entrances; one for the ground floor retail, and a separate entrance for the upper residential floors. The ground
Asking Price: $14,500,000 Price / SF: $1,000
floor is occupied by the very popular Italian restaurant, Angelo’s. The upper floors consist of fifteen studio, one-bedroom, and two-bedroom residential units. Six apartments are free market and the remaining nine are rent stabilized. As prices are increasing in Nolita and Soho, tenants are moving into Little Italy causing an influx of tenants and surge in pricing. This is the ideal property for a user looking to occupy the building, or an investor looking for a mixed-use building with upside in the
Projected Cap Rate: 4.9%
residential rents in a historically stable and unique neighborhood. For further information or inspection please contact Exclusive Agents:
R obert B urton
Senior Vice President of Sales 212.696.2500 x 7770 [email protected]
S tephanie M itchell
Associate 212.696.2500 x 7724 [email protected]
M atthew C olantonio
Associate 212.696.2500 x 7718 [email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333 www.masseyknakal.com
Mulberry Street
SoHo / Little Italy Mixed- Use Building For Sale LOCATION:
East side of Mulberry Street between Grand and Hester Streets
BLOCK / LOT:
237 / 11
LOT DIMENSIONS:
36’ x 100' (Approx.) (Irreg.)
LOT SIZE:
3,572 SF (Approx.)
STORIES:
6 plus basement
BUILDING GROSS SF:
14,500 SF (Approx.)
ZONING:
C6-2G / LI
UNDERLYING FAR:
6.02, 4.5 comm, 3.5 resi, subject to special LI zoning resolution
AIR RIGHTS:
To be verified by a zoning architect or attorney
HISTORIC DISTRICT:
Section A1 of Special Little Italy District
PROJECTED NOI:
$711,968
TAXES (14/15):
$125,995
ASSESSMENT (14/15):
$958,500
Description: 146 Mulberry Street is a six-story mixed-use building on the east side of Mulberry Street between Grand and Hester streets.
The building is located in the Historic Little Italy neighborhood and is built full to lot size on the ground floor. The building has two separate entrances; one for the ground floor retail, and a separate entrance for the upper residential floors. The ground
Asking Price: $14,500,000 Price / SF: $1,000
floor is occupied by the very popular Italian restaurant, Angelo’s. The upper floors consist of fifteen studio, one-bedroom, and two-bedroom residential units. Six apartments are free market and the remaining nine are rent stabilized. As prices are increasing in Nolita and Soho, tenants are moving into Little Italy causing an influx of tenants and surge in pricing. This is the ideal property for a user looking to occupy the building, or an investor looking for a mixed-use building with upside in the
Projected Cap Rate: 4.9%
residential rents in a historically stable and unique neighborhood. For further information or inspection please contact Exclusive Agents:
R obert B urton
Senior Vice President of Sales 212.696.2500 x 7770 [email protected]
S tephanie M itchell
Associate 212.696.2500 x 7724 [email protected]
M atthew C olantonio
Associate 212.696.2500 x 7718 [email protected]
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.
275 Madison Avenue • Third Floor • New York, NY 10016 • 212.696.2500 • Fax 212.696.0333 www.masseyknakal.com
