NEW YORK CITY—Broad Street Development and investment partner Crow Holdings have acquired a pair of multifamily properties at the crossroads of Manhattan's Greenwich Village, Soho and Noho neighborhoods. The partnership paid $178.5 million to buy 298 and 304 Mulberry St. from Boston-based GID Investment Advisors.
BSD has seen success recently in the same neighborhood with its 215 Sullivan St. residential condominium project, which sold out within four months. “The acquisition of the Mulberry Street portfolio will provide us with the ideal opportunity to bring our targeted investment strategy and hands-on ownership style to these assets, and to duplicate the great success we've had with both our rental and condominium residential projects,” says BSD principal Raymond Chalme.
Located across the street from the landmark Puck Building, the buildings at 298 and 304 Mulberry include 182 rental apartments, 11,825 square feet of prime ground floor retail space with full frontage on both Houston and Mulberry Streets and an on-site parking garage. BSD and Crow Holdings see “a great opportunity to add value to these assets by enhancing the product and meeting the market's strong rental demand,” Chalme says.
BSD and Crow Holdings will immediately launch a $3.5-million renovation campaign aimed at both aesthetic and operational improvements. Among toher renovations, the partnership plans the installation of new windows, new roof and roof decks, the redesign and renovation of the lobbies, modernization of interior areas, and upgrades to individual homes, including kitchens and bathrooms.
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