385 Broome St

New York Multifamily is pleased to offer the following corner mixed-use investment opportunity in the vibrant and historic Little Italy/NoLIta neighborhood. 385 Broome Street is located on the southeast corner of Broome Street & Mulberry Street, with a gross square footage of 13,000. The property is zoned C6-2G and is built 26 ft x 100 ft on a 25.58 ft x 99.17 ft lot. (Block: 471; Lot: 36)
Rare Offering: Offered to the market for the first time in nearly 20 years, 385 Broome Street presents a truly rare opportunity to acquire a corner mixed-use building with over 125-feet of wraparound frontage in the heart of Little Italy. The property consists of two world renown retail tenants, Café Roma and the Mulberry Street bar, and features a diverse mix of 5 apartments upstairs (two floor-through 1BR units delivered vacant, two 2BR apartments, and one 3BR 2 BA apartment).
True Value-Add Opportunity: 385 Broome Street represents a truly unmatched value add opportunity and presents a multitude of investment strategies. With its unrivaled corner location, the asset features significant retail rental upside as well as a blank canvass to reposition the asset. Two floor through units with high ceilings will be delivered vacant, paving the way to capture significant upside on current income. Additionally, the three occupied apartments upstairs each have termination clauses in their leases and can be delivered vacant, allowing any investor to execute his or her business plan upon closing.
Trophy Location: World renown as the best corner in Little Italy, 385 Broome Street is perfectly positioned between the charm of SoHo, the energy of Chinatown, and the culture of NoLIta. Situated just steps from the Elizabeth Street Garden, The Old St. Patrick's Cathedral, high profile retailers in SoHo, and world-famous Little Italy restaurants, any purchaser, user, or investor will benefit from this location from generations to come. Given all these compelling factors, high profile residents, restaurants and retailers are eager to pay a premium for all this location has to offer.