(Read more on the multifamily market.)

NEW YORK CITY-A five-story, newly renovated mixed-use building at 312 Bowery in Manhattan’s NoHo neighborhood was sold by Steven Croman of Croman Real Estate in New York City for $22.1 million, GlobeSt.com has learned. A source close to the deal also notes that the buyer was locally based Berrin Tekiner.

The 50-foot-wide, elevatored property is located on the west side of Bowery between Houston and Bleecker. The residential mix is comprised of 21 one-bedroom apartments, one three-bedroom penthouse apartment, ground floor retail space and approximately 22,749 sf. The source tells GlobeSt.com that the retail space is vacant.

Most units have private terraces or balconies. The transaction occurred at a capitalization rate of 5.5%. The property sold for $983.14 per sf to the 1031 Manhattan buyer. Massey Knakal Realty Services was the sole broker in the transaction.

“Bowery, especially north of Houston, is undergoing a major upheaval that includes the very trendy Bowery Hotel, its restaurant Gemma and an 80,000-sf Whole Foods store,” notes Massey Knakal vice chairman John Ciraulo, who represented the seller with managing director James Nelson and broker James Kinsey. “This helped the projected rent for the retail portion of 312 Bowery to increase throughout the marketing process.”

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