The Real Deal New York

Brokerage partners pick up Little Italy retail spot for $17.5M

EVO Real Estate Group leaders invest in nabe's changing retail market
March 11, 2014 04:00PM

Once known as Winoker Realty, the development firm EVO Real Estate Group’s Ira Fishman and Nathan Halegua have acquired a retail condominium unit north of Canal Street for $17.5 million.

Located at 132 Mulberry Street, the 16,679-square-foot space was sold by a pair of family trusts for about $1,049 per square foot, according to StreetEasy. Which levels besides the ground floor of the six-story building are included in the sale was not immediately clear.

The space is currently occupied by a row of Italian eateries with expired leases, which will only be renewed at market rate for the neighborhood, which is about $150 per foot, Crain’s reported.

Fishman told Crain’s that the southward expansion of Soho and northward encroachment of Chinatown made the property an enticing investment.

“One of those two influences is going to dominate this area eventually,” Fishman told Crain’s. “And you can’t go wrong with either in the future.” [Crain’s]Angela Hunt