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

  • This nabe used to be Jewishy

    Am I allowed to say this on the internet?

    Jewz Return!

  • not to be confused with irony

    No one has ever accused the Italian restaurants for not serving the locals instead of tourists and other nonresidents but I wonder if the NIMBYists will change their tune now.

    The hypocrisy of condemning landlords and building managers for trying to cover the expenses of carrying rent regulated apartments (aka affordable housing) by creating income elsewhere is about to blow up all over the city. There have already been multiple reports from area activists and retailers demanding rent control of store rents and denying the profitability of Flushing and Brooklyn and blaming their decampment on unaffordable rents. I can’t imagine Winokur made any friends by revealing the market rent that some people including brokers would prefer to deny.

    It doesn’t matter where your deli is if you are crowded throughout the day – you are doing very well and probably much better than someone like Dominique Ansel because his overhead is greater:

  • crossed fingers

    Hopefully, the big visionary brokers will finally be interested in this area and create a good source of retail entertainment for all those hotel guests from The Bowery.

    Given that so many hotels are opening on the Bowery – we have a rare opportunity to have a captive audience for our retail. This opportunity cannot be wasted. We have to make people love the area, love returning to these bowery hotels and we need them after an exhausting day of sightseeing LOOK FORWARD to the safety and reliabilty of walkable restaurants – that definitely means Little Italy.

    We need seafood restaurants like those crab shack lobster roll places where its FUN to eat there. We need more destination shops like the Christmas store. I have no idea if anyone actually shops in Nolita but I’m not sure that is right for us. We need shoe stores.

    Are there any specialty candymakers from Italy – sort of like an Italian version of Jacques Torres – who can open up within walking distance of the hotels?

    We basically need to be more attractive than Grand Central Station retail.

    We could really really use our own version of Al Yeganeh or Dominique Ansel. I can only imagine one of those Jackson Heights street vendors who win the annual street hawker awards for their complexly spiced rice dishes.

    There’s still life in those old Martin Scorsese walkup buildings. Hopefully, the brokers will be willing to work with the older landlords and not wait for the developers to bring “the vision thing.” Every tiny storefront is another hit of a pulse point to keep traffic within the hotel district more so than gigantic Bed Bath and Beyond places.

    It’s a pity that all those places showcased in Unique Eats aren’t interested in coming down to Little Italy. I know the really professional food chains from Asia are only interested in the Mainland market but we really need powerful breakfast menus to draw the customers.

    We need to surprise the tourists and gain their loyalty for the four days or however long that they are in the city. If they are frustrated with the choices, they should feel relieved to eat every night in Little Italy as well as breakfast because hotels might not enjoy running restaurants.

    I’m sorry to say it but with the evolution of media, people are going to feel more comfortable with something affordable from an establishment run by Lidia Bastianach and/or Mario Batali just as people feel safer eating from PF Chang’s because they don’t know that Peking Duck House is awesome or that certain eateries in Chinatown go unlauded but still bring the precision every time.

    I’m really grateful to the hotel development because I think they will save Little Italy and Chinatown especially the nighttime traffic which used to justify the neon on Mott Street but the retail has to evolve to serve that development.

    Somebody call Din Tai Fung.

  • time for a makeover

    Koreatown is 191 while Little Italy is 150 per square foot?
    Something is really wrong here. Little Italy is a much better location.

  • il moro

    uh duh. An Italian silk store. Get it? Mulberry?

  • Bullied and Damaged by Rent Re

    it looks like they got at least $150 per square foot