$10,950,000
Updated 4 years ago
Off Market

5 Spring Street

Little Italy, Manhattan | Bowery & Elizabeth Street

9,135 Square FeetIncome Property

$10,950,000
floors / apts5 / 15
Lot Size25'2"x112'8"
Built Size25'2" wide
ZoneC6-2
Building TypeLow-Rise
RE Taxes$211,641
Price Per SF
$1,199

Outdoor space and views

  • Backyard

Building Amenities

  • Voice Intercom

Property Description for 5 Spring Street

JLL has been retained on an exclusive basis to arrange for the sale of 5 Spring Street, a 9,135 square foot mixed-use property located on the north side of Spring Street between Bowery & Elizabeth Street. The five-story, prewar building is organized into 15 residential units above a single retail unit on the ground floor. Of the 15 residential units, 7 are currently free market, 7 are rent stabilized, and 1 is rent controlled. The 2,427 net sf retail space is occupied by the legendary bar tenant, Sweet & Vicious, who has been a staple in the area for years. They also have access to a large rear yard which is permitted for bar service. 5 Spring Street represents an ideal opportunity for a variety of investors to acquire a fully leased, cash-flowing property in a prime submarket of Manhattan. In addition, only half of the apartments have been renovated and there are approximately 7,000 sf of available air rights, positioning the asset with future upside.

Listing History for 5 Spring Street

Now
10/13/2022
POM by Guthrie Garvin
JLL
08/23/2022
$10,950,000
Initial Price by Bob Knakal
JLL

Building Details for 5 Spring Street

OwnershipIncome Property
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1930
Floors/Apts5/15
Learn More About the Building

Transit and Citi Bike

Subway

Bowery
0.07 miles
Spring St
0.16 miles
Grand St
0.21 miles
2 Av
0.28 miles
Prince St
0.28 miles

Citi Bike

Kenmare St & Elizabeth St
0.06 miles
Rivington St & Chrystie St
0.13 miles

Contact Agents

Contact Agents

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: 87574TH