Investor Buys Mixed-Use Little Italy Building for $17M
An investor who requested anonymity has purchased a multi-family building in Little Italy, Commercial Observer has learned. The sale closed this afternoon.
Khashy Eyn, the chief executive officer of Platinum Properties, said the buyer paid just shy of $17 million for the walk-up building at 167 Mott Street between Broome and Grand Streets. The seven-story, 17,600-square-foot rental building was erected in 1900, according to Mr. Eyn. It has 26 residential units, with a mix of free-market and rent-stabilized tenants, and two 500-square-foot retail spaces on the ground floor. One of the retail tenants signed a deal last May with an asking rent of $108 per square foot, CoStar indicates.
The new owner “is keeping it as income-producing,” said Mr. Eyn, who along with colleague Julien Kabla represented both sides in the deal. He noted that the buyer loved the area because of its proximity to Nolita.
The seller of the building is Great Neck-based AD Real Estate Investors, which bought the property in December 2013 for $8.5 million.