Broad Street Development Acquires Mulberry Street Multifamily Assets in $178.5 Million Deal
- Jan 06, 2015
Broad Street Development has paid Boston-based GID Investment Advisors LLC a fee of $178.5 million for two New York City properties located downtown on Mulberry Street near Greenwich Village, SoHo and NoHo. According to the announcement, Broad Street acquired the properties as part of its partnership with Crow Holdings, a national real estate investment fund.
Located at 298 Mulberry Street and 304 Mulberry Street, across the street from the Iconic Puck Building, these assets add 182 apartments to the buyer’s portfolio, as well as a ground floor retail component totaling 11,825 square feet. The two buildings also feature extensive frontage on both Houston and Mulberry Streets, as well as an on-site parking garage. The new owners will renovate the two properties, with a reported $3.5 million set to be invested in the aesthetic and operational aspects of the assets.
The deal was brokered for seller GID Investment Advisors by an HFF sales team including Andrew Scandalios, Jeffrey Julien and Rob Hinckley; and financing was handled by Mike Tepedino, Michael Gigliotti and Sam Nidenberg, also of HFF. Broad Street Development worked with Wachtel Missry LLC representative Eli Dweck in the acquisition process. According to Broad Street Development Principal, Raymond Chalme, “the acquisition of the Mulberry Street portfolio will provide us with the ideal opportunity to bring our targeted investment strategy and hands-on ownership style to these assets, and to duplicate the great success we’ve had with both our rental and condominium residential projects.”
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