Broad Street nabs two Noho resi buildings for $179M

Developer expands Downtown portfolio with $178M purchase

New York /
Dec.December 22, 2014 02:13 PM

Broad Street Development purchased two Noho apartment buildings for a combined $178.5 million.

The properties sit across the street from the Puck Building at 298 and 304 Mulberry Street in Noho. The buildings house 182 apartments, 11,825 square feet of ground floor retail facing Mulberry and Houston Streets, and a parking garage.

HFF’s Andrew Scandalios, Jeffrey Julien and Rob Hinckley represented GID in the transaction. Mike Tepedino, Michael Gigliotti and Sam Nidenberg of HFF arranged financing, with Michael Eglit and Michael Henry of Blackstone for 304 Mulberry Street and Rob Dirks of Principal Real Estate Investors for 298 Mulberry Street.

Eli Dweck of Wachtel Missry Represented Broad Street in the transaction.

The buyers are immediately embarking on a $3.5 million renovation, which will include new window installations, new roofs and roof decks, lobby redesigns, modernization of interior areas, and upgrades to kitchens and bathrooms, according to a release.

“Given our intimate knowledge of this neighborhood and our respect for its historic standing and desirability, we see a great opportunity to add value to these assets by enhancing the product and meeting the market’s strong rental demand,” said Broad Street principal Raymond Chalme in a statement.

Broad Street made the purchase with its investment partner Crow Holdings, a national real estate investment fund. The seller was Boston-based GID Investment Advisors.

Earlier this year, Broad Street sold out 25 units at prices upwards of $3,000 per square foot at its nearby 215 Sullivan Street in Greenwich Village in just four months.– Tess Hofmann

 
 

Related Articles

arrow_forward_ios
Jonah Hill and 36 Bleecker Street in Manhattan NYC (StreetEasy, Getty)
Wolf of Bleecker Street: Jonah Hill in contract to sell Noho condo
Wolf of Bleecker Street: Jonah Hill in contract to sell Noho condo
Steven Croman and 740 Broadway Avenue (Getty, GFP Real Estate)
Steve Croman, accused of stiffing own landlord, resolves case
Steve Croman, accused of stiffing own landlord, resolves case
Tal Alexander tapped to sell long-delayed new development condo in Noho
Tal Alexander tapped to sell long-delayed new development condo in Noho
Tal Alexander tapped to sell long-delayed new development condo in Noho
Jonah Hill and his unit (Getty Images, Compass)
Look up! Jonah Hill lists Noho condo for $11M
Look up! Jonah Hill lists Noho condo for $11M
Council members Margaret Chin and Carlina Rivera (Getty, iStock)
City Council tweaks Soho rezoning, assuring its passage
City Council tweaks Soho rezoning, assuring its passage
A new Soho and Noho: City Planning OK’s rezoning to add housing
A new Soho and Noho: City Planning OK’s rezoning to add housing
A new Soho and Noho: City Planning OK’s rezoning to add housing
Sebastian Bear-McClard and Emily Ratajkowski with 49 Bleecker Street (Credit: Getty Images and Google Maps)
Emily Ratajkowski and husband got paid to leave NYC pad
Emily Ratajkowski and husband got paid to leave NYC pad
40 Bleecker Street (Credit: 40Bleecker, iStock)
The latest amenity for NYC resi buildings? Hangover “cures”
The latest amenity for NYC resi buildings? Hangover “cures”
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...