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

EVO Real Estate Group leaders invest in nabe's changing retail market

Mar.March 11, 2014 04:00 PM

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

Related Articles

An illustration of Chairman of Starwood Capital Group Barry Sternlicht (Credit: iStock)

Sternlicht on retail’s woes: Tenants have done “incredibly shitty job” running stores

Bed Bath & Beyond CEO Mark Tritton (Credit: Getty Images, Mike Mozart via Flickr)

Bed Bath & Beyond to invest $1B in store upgrades and buybacks

Kitopi CEO Mohamad Ballout (Credit: Kitopi and iStock)

“Smart” kitchen and delivery startup raises $60M for US expansion

Vornado CEO Steve Roth and 595 Madison Avenue (Credit: Google Maps and Getty Images)

Fendi, Berluti take over old Coach flagship at 595 Madison

From left: Authentic Brands Group CEO Jamie Salter, Simon Property Group CEO David Simon, and Forever 21 CEO Do Won Chang (Credit: Getty Images)

Forever 21’s biggest landlord could become its new owner

Ex-Barneys CEO Daniella Vitale (Credit: Getty Images, Google Maps)

Barneys’ lights still on, but workers left in dark

Faith Hope Consolo (Credit: Getty Images, iStock)

The real story behind Faith Hope Consolo’s glamorous life

Bed Bath & Beyond (Credit: Getty Images)

Bed Bath & Beyond is selling its real estate to private equity