$23,000,000
Updated 8 years ago
Off Market

185-189 Hester Street

Little Italy, Manhattan | Mott Street & Mulberry Street

25,691 Square FeetMixed Use

$23,000,000
floors / apts5 / 33
Lot Size24'5"x100'2"
Built Size24'5"x100'2"
ZoneR6B
Building TypeLow-Rise
RE Taxes$168,227
Price Per SF
$895

Building Amenities

  • Voice Intercom

Property Description for 185-189 Hester Street

Cushman & Wakefield has been hired on an exclusive basis for the sale of 185-189 Hester Street in New York’s Little Italy District. The sale includes five buildings on three adjacent lots, for a total of 25,700 square feet or $895 per square foot. Currently the package is comprised of thirty three residential units and four commercial units, and home to the famous Puglia’s restaurant. The properties have been family owned and operated since the late 1960’s, and present considerable upside for a multi-family investor. Current rent levels are well below market with the residential units currently averaging $29/SF in rents. The commercial portion of the building is also primed for repositioning with all leases coming due before 2020.

Listing History for 185-189 Hester Street

Now
04/12/2018
POM by Robert Burton
Cushman & Wakefield
2018

Building Details for 185-189 Hester Street

OwnershipMixed Use
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1900
Floors/Apts5/33
Learn More About the Building

Transit and Citi Bike

Subway

Canal St
0.12 miles
Grand St
0.2 miles
Bowery
0.24 miles
Spring St
0.28 miles
Prince St
0.42 miles

Citi Bike

Grand St & Elizabeth St
0.1 miles
Walker St & Baxter St
0.11 miles

Contact Agents

Contact Agents

Robert Burton
Cushman & Wakefield
Bobby Carrozzo
Cushman & Wakefield
Keegan Mehlhorn
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: 63861TH