66 Mulberry St - Apartments FOR SALE


New York, NY 10013
$11,000,000 USD
914-804-7091
66 Mulberry St, New York, NY for Sale
$11,000,000 USD
Apartments - FOR SALE
1/15
null | Request Cap Rate

66 Mulberry St
New York, NY 10013


HIGHLIGHTS

  • Nested in the heart of lower Chinatown/ Downtown Manhattan in a highly visible and accessible corner location.
  • A stabilized, high-occupancy asset with ground-floor retail projecting a cap rate close to ~7%.
  • Easily accessible to the metro public transit lines and stations, the Manhattan, Brooklyn, and Williamsburg bridges, and surrounding boroughs.

OVERVIEW

The Forray Team at The Corcoran Group is pleased to present 66 Mulberry Street/ 85-91 Bayard Street, a remarkable, well-maintained prewar corner mixed-use building in the heart of vibrant Chinatown, Lower/Downtown Manhattan. The property features six diverse commercial retail tenants with uses ranging from restaurant, bakery, ice cream, tea, and more, along with 31 rent-stabilized residential units above. Offering strong rental income and a phenomenal location rich in history/tradition & culture, it's perfect for new owners/investors looking for an exceptional investment and significant value to their existing portfolio, with its projected cap rate close to 7%. This exclusive opportunity presents a rare chance for the ownership of an existing corner mixed-use brick/masonry property (C7 Building Class) built on a colossal 50.58 X 100 lot, providing incredible frontage on both streets. The existing five-story building boasts approximately 22,000 square feet of commercial and residential space. Within C6-1 zoning, an additional +/-7,601 square feet can be expanded upon the property, offering a maximum usable FAR of 29,616! Does not reflect any upcoming zoning changes due to the House of Yes Approval. In the bustling core of Chinatown, 66 Mulberry Street/ 85-91 Bayard Street offers easy access to vibrant landmarks, parks, food markets, museums, art galleries, bars/restaurants, nightlife, and hotspots. Proximity to Tribeca, Soho, Little Italy, and Lower East Side makes it easy to experience all of Downtown. Commuters will appreciate the proximity to the Manhattan/Brooklyn/Williamsburg Bridges, FDR Drive, and BQE, along with nearby J/N/Q/R/W/Z/6 (Canal/Chambers/City Hall/Bowery) and B/D (Grand St) subway lines, making it ideal for accessibility. Popular nearby establishments include Nom Wah Tea Parlor, Wo Hop, Golden Unicorn, Uncle Lou, Joe's Shanghai, Mei Lai Wah, and Great NY Noodletown. Please contact exclusive listing brokers to request a sales memorandum and with any questions. (All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes, or withdrawal without notice. Buyers are advised to verify all information.)

FOR SALE DETAILS

PRICE

$11,000,000 USD

PRICE/SF

$500 USD /SF

# OF UNITS

37

PRICE/UNIT

$297,297

CAP RATE

Request Cap Rate

% LEASED

95%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

ADD'L SUBTYPES

Storefront Retail/Residential, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

5

YEAR BUILT

1909

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.11 AC

LAND SF

4,792 SF

ZONING

C6-1

APN/PARCEL ID

0164-0019

ASK ABOUT THIS PROPERTY

Chris CavortiThe Corcoran GroupMore Info
914-804-7091

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.

Chris CavortiThe Corcoran GroupMore Info
914-804-7091

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.