Updated a year ago
Off Market
232 Mulberry Street
Little Italy, Manhattan | Spring Street & Prince Street
17 Rooms17 Beds17 Baths9,367 Square FeetMixed Use
$9,995,000
floors / apts5 / 17
Building TypeLow-Rise
RE Taxes$100,176
Price Per SF
$1,067
Building Amenities
- Voice Intercom
Property Description for 232 Mulberry Street
232 Mulberry Street Nolita Mixed-Use with Air Rights & Long-Term Upside
Located in the heart of Nolita, 232 Mulberry Street presents a rare opportunity to acquire a rent-stabilized mixed-use building with built-in cash flow, underutilized air rights, and significant long-term upside.
This four-story walk-up totals approximately 9,367 square feet and is comprised of ground-floor retail and multiple rent-stabilized residential units above. The building is currently built to a 3.80 FAR, with a maximum allowable residential FAR of 6.02 and commercial FAR of 6.0, offering approximately 5,472 square feet of unused development rights (total max FAR: 14,839 SF).
Protected by its Tax Class 2A status, the property offers stable operating expenses and is ideally suited for investors seeking a generational asset in a high-demand, low-turnover neighborhood. While rent-stabilized, the property benefits from predictable income and long-term potential through capital improvements, strategic unit turnover, and future redevelopment.
Positioned between Prince and Spring Streets, 232 Mulberry sits in one of downtown Manhattan's most dynamic and supply-constrained neighborhoods-surrounded by luxury condos, designer boutiques, and award-winning dining.
Investment Highlights:
Boiler rebuilt in 2023
Mixed-use building with rent-stabilized residential units
9,367 SF built 14,839 SF max FAR
5,472 SF of unused air rights
Zoned C6-2 Tax Class 2A
Long-term hold with low operating expenses
Prime Nolita location near SoHo and NoHo
Strong foot traffic and neighborhood demand
Contact us today for Offering Memorandum
Listing History for 232 Mulberry Street
Now
11/17/2025
TOM by Wilfredo Rivera
Douglas Elliman
06/27/2025
$9,995,000
Initial Price by Wilfredo Rivera
Douglas Elliman
Building Details for 232 Mulberry Street
OwnershipMixed Use
Building TypeLow-Rise
Service LevelVoice Intercom
AgePre-War
AccessWalk-up
Year Built1901
Floors/Apts5/17
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: 101480TH
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