JLL Arranges Loan to Refinance 298 Mulberry Street in New York

NEW YORK, February 21, 2020 — JLL Capital Markets has successfully arranged a loan to refinance 298 Mulberry Street, a 96-unit, mixed-use asset located in New York’s NoHo neighborhood. The group worked on behalf of Broad Street Development LLC, a leading New York-based real estate developer, investor and operator, and a private real estate fund advised by Crow Holdings Capital to place the loan with MetLife Investment Management (MIM).

Located one block south of Bleecker Street on the prominent corner of Mulberry and Houston streets, the seven-story luxury residential building offers 96 market-rate rental apartments on the upper floors and 11,425 square feet of retail on the ground floor. The majority of the retail space is occupied by CVS. 298 Mulberry underwent a capital improvement program, which included luxury apartment interiors, featuring wide-plank white oak flooring, spa-like bathrooms, waterfall Carrera kitchen countertops and stainless-steel kitchen appliances, as well as walk-in closets with 15 units boasting renovated, private outdoor terraces. In addition, 298 Mulberry Street offers a sophisticated and modern lobby, attended by a 24-hour doorman, an on-site fitness center, laundry room and parking.

The property is situated at the nexus of NoHo, SoHo, Greenwich Village and the Lower East Side, some of the most desired residential neighborhoods in Manhattan. Surrounded by beloved downtown neighborhood institutions like Balthazar, the Bowery Hotel, Angelika Film Center, Washington Square Park and SoHo’s world-class retail, 298 Mulberry is also well located within one of New York City’s emerging cultural hubs, with landmarks like the New Museum and Sperrone Westwater Gallery nearby. The Broadway-Lafayette and Bleecker Street subway stations are located directly across the street and the Prince Street station is within two blocks, affording residents convenient access to seven train lines and providing express access to every major commercial and leisure hub in the city.

Broad Street Development has been a major investor in the area, with the firm’s ground-up new luxury condominium, 40 Bleecker Street, opening in 2020. 40 Bleecker will be anchored by its own exciting collection of retailers that will enhance the neighborhood, including Clean Market, the groundbreaking wellness destination that offers IV drips, infrared saunas, and cryotherapy.

“JLL and MIM provided a seamless transaction for us, and we couldn’t be more pleased to have MIM join us as our new partner.” said David Israni, senior managing director at Broad Street Development. “We look forward to furthering our successes together on this best-in-class asset.” Currently, rents at 298 Mulberry begin at $3,700 for a studio apartment, $5,000 for a one-bedroom unit and $7,500 for a two-bedroom apartment. “We will continue to make it a fantastic place to live and a wonderful experience for our residents.”

The JLL Capital Markets professionals handling the refinancing include Executive Managing Director Mike Tepedino, Senior Managing Director Michael Gigliotti, Associate Nicco Lupo and Analyst Tom Sullivan.

“298 Mulberry Street is the only rental/elevator building of this scale to boast a 24-hour doorman in the neighborhood,” Gigliotti said. “Its location will stand the test of time and the owners have done a spectacular job with the asset.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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