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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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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