JLL has been retained on an exclusive basis to arrange for the sale of the “Mulberry-Grand Portfolio” (130 Mulberry Street, 149 Mulberry Street, 181-183 Grand Street, and 191 Grand Street), a collection of 5 walk-up mixed-use properties in the Little Italy neighborhood of Manhattan. Across all five properties there is a total of 54 residential units, of which 25 are Free Market (46%) and 29 units are Rent Stabilized (54%). In addition to the residential portion, there are 7 commercial units across the portfolio. The commercial tenants within the portfolio feature neighborhood institutions such as Café Napoli and Caffe Palermo.
The Mulberry-Grand Portfolio offers an excellent opportunity to acquire a collection of stabilized buildings in a strong rental market with significant in-place cash flow as well as tremendous upside through the continued renovation of the existing free market units.
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