Broad Street Development, Crow Holdings Capital partnership sells prime Manhattan apartment for $115m

Broad Street Development and a real estate fund advised by Crow Holdings Capital have sold 298 Mulberry St., a 96-unit, market-rate, mixed-use rental apartment property on the corner of East Houston and Mulberry Streets in the Noho neighborhood of Manhattan.

Empire State Realty Trust, the buyer, acquired the property all-cash pursuant to a 1031 transaction with a sales price of $115 million.

Built in 1986, the full-service, seven-story building is located at the nexus of NoHo, SoHo, Greenwich Village and the Lower East Side, a very desirable residential Manhattan neighborhood with easy access to mass transit and walking distance to New York University’s campus.

All 96 apartments are market-rate rentals, and a CVS store is the sole retail tenant.

"Regardless of macroeconomic headwinds, blue-chip assets like 298 Mulberry will always be en vogue.  This is arguably the best midrise asset in all of New York City, sitting at the confluence of every trendy ne