Long-time owner sells mixed-use asset in Manhattan’s historic Little Italy neighborhood

NEW YORK, Oct. 17, 2023 – JLL Capital Markets has closed on the sale of 169 Mulberry St., a six-story, mixed-use, walk-up building located between Grand and Broome streets in Manhattan’s Little Italy neighborhood.

JLL arranged the sale on behalf of the long-time private owner. The property was acquired by a private investor. The sale price was $6 million.

Configured as 11 apartments and one retail space, the property was offered for sale for the first time in over 20 years. Well cared for and located in historic Little Italy, 169 Mulberry Street features seven free market units, one rent stabilized unit and three rent-controlled apartments. The retail space is occupied by Italian restaurant La Mela, which has been a Little Italy staple for over 30 years and has a lease in place through 2025.

169 Mulberry Street lies in one of the most vibrant neighborhoods in New York City. The renowned cultural enclave is bounded on the west by Tribeca and Soho, on the south by Chinatown, on the east by the Bowery and Lower East Side and on the north by Nolita. The area features some of the most authentic Italian shops and restaurants New York has to offer, as well as a lively nightlife scene popular amongst young professionals, visitors and families alike. The rest of Manhattan is easily accessible via the subway lines which are all located within a short walk from the property.

The JLL Capital Markets team that arranged the transaction included Hall Oster, Teddy Galligan and Guthrie Garvin.

“169 Mulberry Street presented the buyer with an opportunity to own a primarily market-rate, cash-flowing asset in one of Lower Manhattan’s premier neighborhoods,” said Oster. “The property offers immediate and future value-add potential along one of New York City’s most famous commercial corridors.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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