Empire State Realty Trust (ESRT) gas acquired a seven-story multifamily at 298 Mulberry Street for $115M from Broad Street Development and a real estate fund affiliated with Crow Holdings Capital.
JLL represented the sellers, who acquired the apartment building for $92M in 2014. The 86K SF building, located at the corner of East Houston Street on the border between Soho and Noho, encompasses 96 market-rate units and ground-floor retail currently occupied by a CVS drug store.
The cash purchase is being funded by the Empire REIT's sale of two Westchester office buildings in a 1031 exchange transaction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
