5 Shocking Secrets And The $17.8 Million Sale Of 240 Mulberry Street, NYC: The NoLita Pre-War Gem
240 Mulberry Street in New York City is more than just a six-story pre-war building; it is a quintessential piece of NoLita history, currently generating significant buzz in the Manhattan real estate market as of December 23, 2025. This address, nestled between Prince and Spring Streets, embodies the coveted charm of downtown living, blending its century-old tenement architecture with modern, high-demand rental units.
The property's true value, however, lies in its recent and high-profile real estate transaction, which cemented its status as a premier investment in a perpetually hot neighborhood. From its humble origins in 1901 to its current high-end mixed-use status, 240 Mulberry Street offers a fascinating case study in New York City's evolving landscape.
The $17.8 Million Transaction and Current Real Estate Status
The most compelling and fresh news surrounding 240 Mulberry Street is its substantial recent sale, which underscores the intense demand for mixed-use properties in the NoLita area. The building, along with its adjacent property, changed hands in a multi-million dollar deal that made headlines in the investment community.
- Sale Price: The property, bundled with 196 Elizabeth Street, was sold for a total price of approximately $17.8 million.
- Buyer: The purchaser was identified as Alex Adjmi's A&H Acquisitions.
- Seller: The property was sold by David Moore.
- Significance: This transaction highlights the continued investment appeal of income-generating, low-rise, pre-war buildings in prime Manhattan neighborhoods like NoLita, which is strategically located near SoHo and the Lower East Side.
In the current rental market, the residential units at 240 Mulberry Street are moving fast. Listings show a rapid turnover, with some apartments being rented after spending only 7 to 12 days on the market, a clear indicator of high demand and low inventory in the area.
A Deep Dive into the Pre-War Architecture and Amenities
Built in 1901, 240 Mulberry Street is a classic example of a pre-war tenement building, originally designed to house the waves of immigrants that defined the area's history. Today, it has been transformed into a highly desirable rental residence, retaining its historical charm while offering essential modern conveniences.
The building stands six stories tall and contains between 21 and 23 residential units, typically configured as studio, one-bedroom, and two-bedroom apartments.
Key Architectural and Unit Features
The building's design elements are highly sought after by renters looking for authentic New York character:
- Pre-War Charm: The low-rise structure features smooth brick architecture, characteristic of the Chinatown Little Italy Historic District.
- Decorative Fireplaces: Many units boast decorative fireplaces, adding a touch of classic ambiance and focal design to the living spaces.
- Updated Interiors: Despite its age, many apartments feature recently updated kitchens, often including dishwashers, which is a significant modern amenity in pre-war buildings.
- Hardwood Floors: Original or restored hardwood floors are a standard feature, contributing to the building's historical aesthetic.
Community amenities are practical and essential for downtown living, including controlled access, a voice intercom system, and on-site laundry facilities, which are crucial in a dense urban setting.
Hidden History and Modern Controversies
Like many historic Manhattan properties, 240 Mulberry Street carries a history that includes both structural challenges and shifts in regulatory status, offering a glimpse into the complexities of NYC property management.
The Facade and Violation History
In 2020, the building faced a maintenance issue related to its facade, specifically a violation concerning cracked bricks and mortar joints. Addressing such structural issues is a common and costly necessity for century-old buildings in New York City, especially those classified as tenements.
Furthermore, the building currently has four open violations listed, which are typical for older, mixed-use properties and require ongoing attention from the property management team.
The Shifting Status of Rent-Stabilized Units
A notable change in the building's composition is the reduction of rent-stabilized units. Records indicate a shift from six to three rent-stabilized apartments, reflecting a trend seen across Manhattan where owners update units and navigate complex housing regulations. This change is a key detail for anyone researching the building's current operational status.
The Ground Floor Commercial Space
The ground floor of 240 Mulberry Street is a valuable commercial space, currently occupied by a bar/lounge operating under the official licensee name, THE BAR ON MULBERRY LLC. Its location at the intersection of Prince and Spring Streets ensures high foot traffic, making it a lucrative spot for a hospitality business. This commercial anchor is a vital part of the building's mixed-use appeal and its investment value.
The NoLita Advantage: Location and Topical Authority
The true premium of 240 Mulberry Street is its location in NoLita (North of Little Italy), a neighborhood renowned for its boutique shopping, trendy dining, and cultural vibrancy. The area is a magnet for creatives and high-net-worth individuals, providing a compelling lifestyle for its residents.
Neighborhood Entities and Proximity
The building’s immediate surroundings contribute significantly to its topical authority and desirability:
- NoLita & Little Italy: It sits at the nexus of these two historic and culturally rich neighborhoods. Mulberry Street itself is the main artery of Little Italy.
- SoHo Proximity: The upscale boutiques and galleries of SoHo are just a short walk away, offering world-class shopping.
- Culinary Hotspots: The location is a hub for dining, close to celebrated venues like the nearby, but not at the same address, Freemans restaurant, a rustic American tavern known for its secluded alleyway location.
- Transit Access: Excellent subway access, with the B, D, F, M, and 6 lines all within easy reach, providing quick connections across Manhattan and Brooklyn.
- Key Streets: Positioned near the bustling intersections of Prince Street and Spring Street, ensuring constant energy and accessibility.
In conclusion, 240 Mulberry Street remains a fascinating Manhattan address. Its recent $17.8 million sale signals robust investor confidence in the NoLita market, while its 1901 pre-war architecture and high-demand rental status solidify its place as a coveted, character-rich property in one of New York City's most desirable downtown enclaves. The blend of historical charm, modern amenities, and a prime location ensures that this low-rise gem will continue to attract attention from both tenants and investors for years to come.
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