New York, NY – August 22, 2019 – Cushman & Wakefield announced today that the firm has arranged the sale of 128 Mulberry Street, a 4,800-square-foot mixed-use property in the Little Italy neighborhood of Manhattan. The final closing price is $9,780,000, equating to approximately $2,035 per square foot.
Cushman & Wakefield’s Maurice Suede, Robert Burton, Bobby Carrozzo and Dan Soyak represented the seller, Solly Assa of Assa Properties, in this transaction. The building was purchased by Yukah LLC, who was represented by Charlotte Cheung of The Ariel Group.
“128 Mulberry Street sold for 52 percent higher than the average price per square foot for multifamily properties in SoHo,” said Maurice Suede of Cushman & Wakefield. “My team’s hard work really paid off, as we were able to sell property within three months of initiating marketing efforts.”
128 Mulberry Street is a seven story, mixed-use multifamily building located on the southeast corner of Mulberry and Hester Streets in the Little Italy neighborhood of Lower Manhattan. The building is currently fully occupied and is comprised of five free market residential units and one retail unit. The retail unit is occupied by Little Italy Famous Gift Shops and is leased through May 2024. The residential portion of the building is comprised of three one-bedrooms, one two-bedroom, and a penthouse duplex with two bedrooms. The property has an additional 1,686-square-feet of air rights available.
128 Mulberry Street benefits from a vibrant location in Little Italy and its close proximity to New York University, the Italian American Museum and numerous restaurants and retail options. The building is accessible via a multitude of MTA subway lines, including the J, N, Q, R, Z and 6 trains at The Canal Street station as well as the M21 crosstown bus.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About Solly Assa and Assa Properties
Solly Assa is the president and CEO of Assa Properties, a New York City-based luxury real estate development and investment firm with an eye towards building upscale retail, residential and hotel experiences.
Founded by Solly Assa and his brother Isaac, Assa Properties has been developing and investing in major residential, retail and commercial properties since 2000. The firm has acquired over three million square-feet of premier assets located throughout the United States and Mexico. Starting in 2002, Assa Properties began acquiring buildings within the New York City Area, namely 743 Fifth Avenue, 2 Herald Square and 6 Times Square — originally the Knickerbocker Hotel built by John Jacob Astor — in some of the New York City’s most distinctive neighborhoods. They have since evolved their original vision with two developments: Cassa Hotel and Residences in Midtown Manhattan and Cassa Times Square Hotel and Residences, just south of Midtown West. Each project represents full-service luxury hotels and condominiums offering premium hotel services to their full-time residents.