Broad Street nabs two Noho resi buildings for $179M

Developer expands Downtown portfolio with $178M purchase
December 22, 2014 02:13PM

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