$22,000,000
Updated 11 years ago
Sold

380-386 Broome Street

Little Italy, Manhattan | Mott Street & Mulberry Street

Income Property

$22,000,000
Building TypeLow-Rise

Building Amenities

  • Voice Intercom

Property Description for 380-386 Broome Street

Located on the north side of Broome Street between Mulberry and Mott Streets, these 78’ wide, 6 story mixed-use walkup buildings have 4 fully occupied retail units and 42 residential units. The buildings have 34 two bedrooms, 6 three bedrooms and 2 studio apartments. Of the 42 residential apartments, 22 are FM, 16 are RS, and 4 are RC. Average residential rents are $44/SF, which is a fraction of market. The retail units average $118/SF, which is currently at market. The common areas and lobby were recently renovated in 2009, making this a turn-key investment. 380-386 Broome Street offers the best of both worlds: stable cash flow with enormous future potential. The locations encompass the best downtown neighborhoods to live and work. The property offers assumable financing which the seller prefers a buyer assumes. To receive more information on this property, please fill out and send in the confidentiality form which can be found at http://www.masseyknakal.com/listingimages/anotherdoc/pdf/380-386_Broome_Street_Combined_CA.pdfor 5

Listing History for 380-386 Broome Street

Now
12/11/2012
$22,000,000
Sold and Closed by James P. Nelson
Cushman & Wakefield
09/18/2012
Contract Signed by James P. Nelson
Cushman & Wakefield

Building Details for 380-386 Broome Street

OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Learn More About the Building

Transit and Citi Bike

Subway

Spring St
0.13 miles
Bowery
0.15 miles
Canal St
0.22 miles
Grand St
0.22 miles
Prince St
0.27 miles

Citi Bike

Kenmare St & Elizabeth St
0.09 miles
Lafayette St & Grand St
0.11 miles

Contact Agents

Contact Agents

James Nelson
Cushman & Wakefield
Mitchell Levine
Cushman & Wakefield
Robert Burton
Cushman & Wakefield

Little Italy | Manhattan

Quick Profile

It’s fitting that the neighborhood’s name is Little Italy because It’s been getting smaller for decades. The Italian immigrants that flooded New York City and built the vibrant ethnic enclave in the 1860s and 1880s eventually left for greener pastures, assimilating into other parts of the city or suburbs. The disappearance of Little Italy is a sad story as far as neighborhoods go, but it’s one that should be told. 

Little Italy once spanned 50 square blocks and represented the biggest population of Italian immigrants in America. But in recent years, it’s been squeezed by the growth of Chinatown and SoHo and muscled from the rebranding of other neighborhoods like NoHo and NoLIta. In fact, NoLita was the culprit that cut the neighborhood in two. Little Italy’s boundaries may vary depending upon who you ask. Today it’s down to just a few blocks along Mulberry Street. 

One of the best ways to experience Little Italy is through its food. Take your pick from mom-and-pop markets, meat and cheese shops, or authentic sit-down restaurants that offer the very best in Italian cuisine. 

Every September (since 1926), the neighborhood hosts the Feast of San Gennaro, which celebrates the patron Saint of Naples Italy. 11 days of food, colorful parades, music performances, and more food. The aroma of zeppole and grilled sausage can be smelt for blocks. Try planning your visit around this festive time. It’s well worth it. 

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.
OLR ID: 41543TH