Investment Overview

Marcus & Millichap is pleased to offer the following opportunity located in the booming Little Italy neighborhood. 188-190 Grand Street is located on the northeast corner of Mulberry and Grand Streets. The buildings boast a gross square footage of 16,601. The buildings are built 25 ft X 100 ft  & 25 ft X 77 ft on two 25 ft X 100 ft lots (Block: 471  Lots: 59, 58 ). The properties are zoned C6-2G. Rare Offering. Offered to the market for the first time in nearly 100 years, the subject properties present a rare opportunity to acquire two corner mixed-use buildings with 150’ of wraparound frontage in the heart of Little Italy.  The buildings consist of 2 ground floor retail units, 3 commercial units, and 3 residential apartments.  Of the three apartments, two are 2-bedrooms and one is a 3-bedroom. 100% FM with Air Rights.100% of the residential units are fair market, currently with below market rents.  In addition, all free-market units have short term leases in place, allowing an investor to almost immediately execute his/her business plan upon purchase, while still capitalizing on a strong existing stream of income.  Additionally, the property boasts 17,688 SF of additional air rights paving the way for future development opportunity.   Trophy Location. Located on the northeast corner of Grand & Mulberry Streets, 188-190 Grand Street sits in the heart of the booming Little Italy neighborhood. Additionally, the properties benefit from being situated in one of the most culturally significant and historic neighborhoods of all New York City, and are in close proximity to the 6, B, D, J, N, Q, R & W subway lines, providing seamless access to all of NYC. Due to these appealing factors, this location attracts high-profile renters, and tenants, eager to pay a premium for buildings in this immediate area.