Crow Holdings, Broad Street JV sells prime Downtown Manhattan apartment property 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 acquired the property for $114.9 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,” said Rob Hinckley, a senior managing director on the JLL Capital Markets team that represented the seller. “This is arguably the best mid-rise asset in all of New York City