Andrea D’Alessandro pays $9.2M for mixed-use in Nolita

Andrea D’Alessandro through the entity GEF Development Corp. paid $9.2 million to Michael Bennett through the entity Mulberry 238 Realty LLC for the three-unit mixed-use building (S3) at 238 Mulberry Street in Nolita, Manhattan. The expected use is cash flowing.
The deal closed on March 5, 2025 and was recorded on March 18, 2025. The property has 6,375 square feet of built space and 8,514 square feet of additional air rights for a total buildable of 14,899 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,443 and the price per buildable square foot is $617 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on December 20, 2012, for $650,000. The signatory for Michael Bennett was Michael Bennett. The signatory for Andrea D’Alessandro was Andrea D’Alessandro. The contract date was January 27, 2025.

Prior sales and revenue

Prior to this transaction, PincusCo has records that the buyer Andrea D’Alessandro purchased one property in one transaction for a total of $6.2 million and has no record it sold any properties over the past 24 months.
The seller Michael Bennett had not purchased any other properties and had not sold any properties over the same time period. The former owners according to the Department of Housing Preservation and Development includes Michael Bennett, head officer and Thomas Rasmussen, officer. The business entity is Mulberry 238 Realty Llc.

The property

The mixed-use building with 3 residential units in Nolita has 6,375 square feet of built space and 8,514 square feet of additional air rights for a total buildable of 14,899 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,475 square feet. The lot is irregular. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $4.5 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $100 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Nolita, The bulk, or 50 percent of the 3.1 million square feet of commercial built space are walkup buildings, with elevator buildings next occupying 20 percent of the space. In sales, Nolita has had very little sales volume relative to other neighborhoods with $93.7 million in sales volume in the last two years. For development, Nolita has had very little major development activity relative to other neighborhoods.It had 32,513 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 26 commercial properties representing 118,374 square feet of the 252,339 square feet. The largest owner is Karen Beck, followed by Gerrit Lansing Jr. and then Gatsby Enterprises.
On the tax block, there was one new building construction project filed totaling 53,936 square feet. It is a one-unit, 53,936 square-foot residential (R-3) building submitted by Abby Hamlin with plans filed August 29, 2013 and permitted July 14, 2016.

The majority, or 63 percent of the 252,339 square feet of built space are walkup buildings, with mixed-use buildings next occupying 18 percent of the space.

The buyer

The PincusCo database currently indicates that Andrea D’Alessandro owned at least one commercial property with one residential unit in New York City with 3,776 square feet and a city-determined market value of $1.3 million. (Market value is typically about 50% of actual value.) The portfolio consists of at least a single mixed-use property. It is located in Manhattan.

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