5 Shocking Facts About 298 Mulberry Street NYC: The $115 Million Luxury Landmark Reshaping NoHo Real Estate
As of December 24, 2025, the address 298 Mulberry Street in New York City represents more than just a prime piece of downtown Manhattan real estate; it is a symbol of a significant shift in the city's luxury rental market and a testament to the surging value of properties in the coveted NoHo/Nolita corridor. This seven-story, full-service building has recently been the centerpiece of a major financial transaction, making it one of the most talked-about residential assets south of Houston Street.
The property's profile has been dramatically elevated following its acquisition by a major real estate investment trust, signaling a strong institutional bet on the future of high-end, energy-efficient rental apartments in a historically exclusive neighborhood. From its full suite of luxury amenities to its surprisingly green credentials, 298 Mulberry Street is a landmark that perfectly encapsulates the blend of historic charm and modern, sustainable living that defines New York's elite residential landscape today.
Building Profile: Key Facts and Features of 298 Mulberry Street
298 Mulberry Street, sometimes referred to by its former marketing name, Soho Plaza, is a premier rental property located at the nexus of several of Manhattan’s most sought-after neighborhoods. Its strategic location and comprehensive service level make it a highly desirable address for residents seeking a quintessential downtown experience. The building's profile is defined by a combination of luxury, convenience, and modern efficiency.
- Location: NoHo/Nolita, Downtown Manhattan (at the intersection of Mulberry Street and East Houston Street).
- Asset Type: Full-service, market-rate luxury rental apartment building.
- Total Units: 96 to 99 residential units (Studio, 1-bedroom, and 2-bedroom configurations).
- Building Height: Seven stories.
- Acquisition Date: December 20, 2022.
- Acquisition Price: $114.9 million to $115 million.
- Purchaser: Empire State Realty Trust (ESRT).
- Former Owners/Sellers: Broad Street Development and a real estate fund.
- Management: Managed by Greystar, a global leader in rental housing.
- Sustainability Status: Achieved ENERGY STAR NextGen recognition, indicating high energy efficiency.
The $115 Million Acquisition: A Strategic Move by Empire State Realty Trust
The most significant and recent development concerning 298 Mulberry Street was its blockbuster sale in late 2022. The property was acquired by Empire State Realty Trust (ESRT) for approximately $115 million in a transaction that immediately drew attention from the wider New York real estate market.
This massive investment was more than just a purchase; it was a clear signal of ESRT's evolving portfolio strategy. Historically known for its iconic office and retail properties—most notably the Empire State Building—ESRT has been strategically expanding its footprint in the high-growth multifamily sector.
The acquisition of 298 Mulberry Street allowed ESRT to significantly increase its exposure to the sought-after downtown Manhattan residential market. It specifically targeted a 100% free-market, full-service asset, which aligns with its goal of owning high-quality, stable-income properties. The sellers, Broad Street Development, capitalized on the building's prime location and strong performance before the successful exit.
For ESRT, the property serves as a cornerstone of its growing residential portfolio, which is focused on New York and the greater New York metropolitan area. This strategic pivot reflects a broader industry trend where major REITs are diversifying their holdings to capitalize on the sustained demand for luxury rental housing in premier urban cores. The purchase price underscores the premium valuation placed on high-quality, well-located residential buildings in Manhattan today.
Luxury Living in Downtown Manhattan: Amenities and NoHo/Nolita Appeal
The enduring appeal of 298 Mulberry Street rests heavily on its combination of top-tier amenities and its location in one of the city's most vibrant and exclusive neighborhoods. The building is designed to offer a seamless, full-service lifestyle to its residents, many of whom are affiliated with nearby institutions like New York University (NYU).
World-Class Building Features
Residents of 298 Mulberry enjoy a suite of luxury amenities that define a modern, high-end rental experience. The building is pet-friendly and smoke-free, catering to a contemporary urban demographic. Key features include:
- 24-Hour Attended Lobby: Providing security and full-service concierge support.
- Resident Lounge: A dedicated common space perfect for remote work, studying, or socializing.
- Outdoor Spaces: Access to a patio or communal outdoor space, a rarity and a highly valued amenity in Downtown Manhattan.
- Convenience: Equipped with an elevator and an on-site laundry room.
The unit interiors feature rich finishes, including washed oak flooring, designed for modern city life. The focus is on creating a spacious and beautifully fitted environment that complements the surrounding neighborhood's aesthetic.
The Allure of NoHo and Nolita
The building's location is arguably its greatest asset. It sits at the confluence of NoHo and Nolita, two neighborhoods renowned for their scarcity of real estate and high-end atmosphere. NoHo, or North of Houston Street, is celebrated for its architecturally significant buildings and strong, long-term real estate value, making it one of Manhattan's most exclusive enclaves.
Nolita, or North of Little Italy, offers a charming, boutique-driven atmosphere. It is characterized by classic pre-war walk-ups and sleek boutique developments, often featuring exposed brick and high ceilings. Residents of 298 Mulberry Street are within walking distance of major subway lines (B, D, F, M, and 6 trains), providing unparalleled access to the rest of the city. The area is a hub for luxury retail, trendy restaurants, and a vibrant cultural scene, solidifying 298 Mulberry Street as a premier address for discerning New Yorkers.
Sustainability and the Future: ESRT's Net Zero Commitment
Beyond the luxury and location, 298 Mulberry Street represents a future-forward approach to real estate, particularly in the context of environmental sustainability. ESRT’s acquisition was partly driven by the property's potential to align with the company’s aggressive green goals.
The building has already achieved the prestigious ENERGY STAR NextGen recognition. This designation confirms that the property is more energy-efficient than 90% of similar properties nationwide, a remarkable feat for a Manhattan residential building.
This focus on efficiency is central to ESRT's corporate commitment. The real estate investment trust has set an ambitious target to achieve Net Zero operational carbon emissions across its portfolio by 2035. The energy efficiency measures implemented at 298 Mulberry Street contribute directly to this goal, showcasing how luxury living and environmental responsibility can—and must—coexist in the modern urban landscape. The building’s high performance makes it a standout example of sustainable luxury in the highly competitive downtown real estate market.
In conclusion, 298 Mulberry Street is a powerful case study in modern Manhattan real estate. It’s a highly valued asset that commanded a nine-figure price tag, a luxury residential hub in a prime location, and a model of energy efficiency. Its story is one of strategic investment, enduring neighborhood appeal, and a commitment to a greener future, making it a critical entity in the ongoing narrative of New York City's residential market.
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