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NoLita Mixed-Use Property Goes for $11M
Cushman & Wakefield has arranged the sale of 51 Spring St., an 8,076-square-foot mixed use building in NoLita. The final closing price was $10,825,000, or approximately $1,340 per square foot.
The firm’s Robert Burton, Robert Shapiro, Bobby Carrozzo and Jordan Sutton led the marketing efforts on behalf of the sellers. The buyer was a partnership of Javeri Capital with DNA Development.
“As a result of its central location downtown, diverse residential inventory and vibrant assortment of retail and hospitality options, NoLita is one of the most buzzed about neighborhoods in New York,” said Burton. “51 Spring is an excellent investment, and the low free-market rents of the property offer significant long-term growth potential.”
Located on the northwest corner of Spring and Mulberry streets, the six-story property contains 15 residential apartments, 11 of which are free-market, and two retail spaces. The retail component is leased to two restaurants through December 2021.
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- ◦Sale/Acquisition
