Empire State Realty Trust (ESRT) gas acquired a seven-story multifamily at 298 Mulberry Street for $115M from Broad Street Development and a real estate fund affiliated with Crow Holdings Capital.
JLL represented the sellers, who acquired the apartment building for $92M in 2014. The 86K SF building, located at the corner of East Houston Street on the border between Soho and Noho, encompasses 96 market-rate units and ground-floor retail currently occupied by a CVS drug store.
The cash purchase is being funded by the Empire REIT's sale of two Westchester office buildings in a 1031 exchange transaction.
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