Aryeh Realty pays $18M to Daniel Schulmann for property in Noho

Aryeh Realty through the entity 302 Mott Street LLC paid Daniel Schulmann’s Schulmann Properties International LLC $18 million for 302 Mott Street in Noho. The deal closed on December 6, 2019, and was recorded on December 18, 2019. The transaction consists of 1 parcel, including the tax class multifamily, over six families without stores (C1) and containing 48 residential units. The property is 20,227 square feet. The parcel(s) have total development potential of 37,542 square feet.
The sale price per unit is $375,000.
The estimated cap rate is 2.8%
Aryeh Realty recently paid $6 million for a rental in Yorkville and $16.2 million for a loft building in Soho.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $108,698.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link