Broad Street Development JV Buys M-F Portfolio Throughout Manhattan
- Dec 26, 2014
A joint venture between Broad Street Development and Crow Holdings has acquired a two-property residential portfolio located between Manhattan’s SoHo and NoHo neighborhoods for $178.5 Million from GID Investment Advisors L.L.C.
Located at 298 Mulberry St. and 304 Mulberry St., just across the street from the landmark, iconic Puck Building, the two multi-family buildings total 182 apartments and offer 11,825 square feet of prime ground floor retail space with full frontage on both Houston and Mulberry Streets, and an on-site parking garage.
“The whole appeal of this particular portfolio was the location—to us, it’s a location buy. The address is at the nexus of the Village proper and what will be the new Village, as developments and new business comes in,” Daniel Blanco, BSD’s principal, told Commercial Property Executive. “Basically, we see tremendous opportunities here, at the building and at the address; it was an opportune deal for us.”
The properties are easily accessible via public transportation, boasting direct access to multiple subway lines including the B, D, F, M, and 6 trains, several bus routes and the Lafayette Street and Jersey Street Citi-Bike stations are just one block away.
BSD also owns a 140-unit rental property at 184 Thompson St., 100 luxury condominium homes on Third Avenue and 81st Street, and a condo at 215 Sullivan St., which sold out in four months over the summer at record-breaking Greenwich Village prices.
For this new acquisition, the joint venture will begin a $3.5 million renovation campaign comprised of significant aesthetic and operational improvements.
“For us, this transaction was a complete value-add play. We are excited to have the opportunity to take this extremely well-positioned asset and maximize its value and potential,” Blanco added. “Capital improvements include putting in roof decks, new windows, a new lobby, gym, and making significant upgrades to the units.”
Eli Dweck of Wachtel Missry L.L.C., represented BSD in the acquisition. The seller was represented by the HFF sales team of Andrew Scandalios, Jeffrey Julien and Rob Hinckley.