The Real Deal New York

Broad Street shoots for $289M sellout at Noho condo

40 Bleecker will have 61 condos plus ground-floor retail
By E.B. Solomont | December 23, 2016 12:00PM

From left: 304 Mulberry Street and Broad Street Development’s Raymond Chalme and Daniel Blanco

Broad Street Development is aiming for a target sellout of $288.5 million at its planned Noho condominium, according to a newly filed offering plan for the project.

The developer is planning a 12-story, 61-unit building at 40 Bleecker Street, according to documents submitted to the New York state Attorney General’s office. The building will also have 11 parking spots and an 11,000-square-foot retail component.

The condominium will rise on the site of two rental properties at 298 and 304 Mulberry Street that Broad Street picked up last year for $178.5 million.

The Financial District-based development firm, headed by Raymond Chalme and Daniel Blanco, subsequently filed plans to demolish 304 Mulberry and replace it with a structure cantilevering over 298 Mulberry. Broad Street also transferred about 25,000 square feet of air rights from 298 to 304 Mulberry, according to records filed with the city.

Last year, Broad Street filed a permit application to build a new 103,000-square-foot building at 304 Mulberry Street.

The top two floors will contain two duplex apartments between them, according to the plans.

Broad Street Development recently landed a $96 million loan from Bank of the Ozarks for the project.