Empire State Realty pays $114.9M to Broad Street, Crow Holdings for 96-unit rental in NoHo

Empire State Realty Trust through the entity Esrt 298 Mulberry, L.L.C. paid $114.9 million to Broad Street Development and Crow Holdings Capital through the entity 298 Mulberry Street Operating Company, L.L.C. for the 96-unit residential elevator building (D9) at 298 Mulberry Street in NoHo, Manhattan.
The deal closed on December 20, 2022 and was recorded on December 28, 2022. The property has 86,746 square feet of built space and 18,635 square feet of additional air rights for a total buildable of 105,370 square feet according to a PincusCo analysis of city data. The sale price per built square foot is $1,324 and the price per buildable square foot is $1,090 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 19, 2014, for $91.5 million.

Prior sales and revenue

The former owners according to the Department of Housing Preservation and Development includes Daniel Blanco, head officer and Pedro Diaz, site manager. The business entity is 298 Mulberry Street Operating Co Llc. The 86,746-square-foot property generated revenue of $6.9 million or $79 per square foot, according to the most recent income and expense figures.

The property

The parcel has frontage of 93 feet and is 170 feet deep with a total lot size of 14,012 square feet. The lot is irregular. The zoning is C6-3 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 7.52 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $40.5 million. The most recent loan totaled $68.5 million and was provided by MetLife on November 14, 2019.

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 two DOB violations and $1,075 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 block

On this tax block, PincusCo has identified the owners of eight of the 24 commercial properties representing 329,973 square feet of the 498,116 square feet. The largest owner is Walter & Samuels, followed by Thor Equities and then Aryeh Realty.

The majority, or 62 percent of the 475,589 square feet of built space are elevator buildings, with mixed-use buildings next occupying 15 percent of the space.

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