Successful Sale of 197–199 Mott Street in NoLita, Manhattan
Bob Knakal successfully arranged the sale of 197–199 Mott Street, a commercial and development site at the heart of NoLIta, Manhattan. The property was sold by Regal Properties LLC, User Bryn, and purchased by Michael Namer of Alfa Development.
Boasting 29,700 buildable square feet, this site offered significant redevelopment potential in a neighborhood renowned for boutique retail, dynamic dining, and high pedestrian traffic.
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Strategic Transaction Overview for 197–199 Mott Street
This sale represented a strategic opportunity to capitalize on NoLIta’s growing commercial and redevelopment demand. By targeting developers and investors seeking flexible, high-traffic sites, Bob Knakal ensured the property received maximum exposure, resulting in a smooth and successful transaction.
The site’s location on Mott Street, combined with its sizeable buildable square footage, positioned it as a highly attractive acquisition for commercial and mixed-use development.
Key Sale Information for 197–199 Mott Street
Key transaction metrics highlight the property’s value and development potential:
- Sale Price: $900,000
- Price per Buildable Square Foot: $30.30
- Buyer: Michael Namer, Alfa Development
- Seller: Regal Properties LLC, User Bryn
- Asset Class: Commercial, Development, Retail
- Sale Date: December 22, 2010
Property Description: Prime NoLita Development Opportunity
Located between Spring Street and Prince Street, 197–199 Mott Street sits at the center of NoLIta’s bustling commercial and residential corridor. The property benefits from strong foot traffic, a vibrant retail environment, and proximity to cultural and lifestyle landmarks.
With flexible zoning and 29,700 buildable square feet, this site offered investors the opportunity to pursue retail, office, or mixed-use development aligned with the neighborhood’s boutique character.
Property Details:
- Buildable Square Footage: 29,700
- Buildings on Lot: 1
- Asset Class: Commercial / Development / Retail
- Zoning: Mixed-use development supportive
Investment Highlights for 197–199 Mott Street
Investors were drawn to the property’s combination of high visibility, flexible development potential, and central NoLIta location. The site’s substantial buildable square footage and pedestrian-heavy environment made it ideal for retail or mixed-use projects.
Developers could leverage the site to create boutique commercial space, office space, or mixed-use development catering to the neighborhood’s upscale, trend-conscious market.
Highlights:
- Prime retail and high-foot-traffic location on Mott Street
- Substantial 29,700 buildable square feet for redevelopment
- Flexible commercial, retail, or mixed-use potential
- Positioned in one of Manhattan’s most sought-after submarkets
Market Strategy and Positioning in NoLita
At the time of sale, NoLIta was attracting strong interest from investors targeting boutique commercial and mixed-use opportunities. The property’s central location on Mott Street made it highly visible to qualified buyers seeking redevelopment potential aligned with local neighborhood trends.
Bob Knakal’s strategic marketing and negotiation ensured the property achieved maximum exposure and delivered the best outcome for the seller.
NoLita Neighborhood Overview
NoLIta (North of Little Italy) is known for its cobblestone streets, historic architecture, and a mix of boutique shopping and dining. The neighborhood maintains its charm while providing long-term redevelopment opportunities, making it a top destination for investors.
Its proximity to SoHo, Little Italy, and the Bowery adds to its appeal, offering both cultural attractions and convenient access to Manhattan’s transit network.
Nearby Highlights:
- Boutique Shopping: Unique fashion, jewelry, and lifestyle stores
- Restaurants & Cafés: Trendy local dining attracting residents and visitors
- Cultural Landmarks: Little Italy, SoHo, and the Bowery
- Transit Access: Multiple subway lines within walking distance
Key Neighborhood Description Highlights
NoLIta offers a rare combination of historic character, vibrant commercial activity, and high foot traffic. Retail tenants benefit from consistent pedestrian exposure, while investors can capitalize on the area’s dynamic redevelopment potential.
The neighborhood’s mix of boutique shops, dining, and cultural attractions creates a long-term value proposition for both commercial and residential development.
Neighborhood Strengths:
- Preserved pre-war architecture and street-level charm
- High pedestrian traffic supporting retail viability
- Active commercial environment with boutique businesses
- Continued demand for small-scale redevelopment projects
Conclusion: Maximizing Value in Manhattan’s Competitive Market
The sale of 197–199 Mott Street highlights the importance of strategic guidance in Manhattan’s competitive real estate market. Through broad exposure, targeted marketing, and expert negotiation, Bob Knakal secured a seamless transaction, achieving the best possible outcome for the seller.
This sale reinforces Bob’s continued ability to deliver value and results in Manhattan’s most desirable commercial and mixed-use corridors.
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Frequently Asked Questions: 197–199 Mott Street
Q1: What type of property is 197–199 Mott Street?
It is a commercial and development site with 29,700 buildable square feet, offering flexibility for retail, office, or mixed-use redevelopment. The property’s location in NoLIta makes it highly desirable for boutique commercial and residential projects.
Q2: Why was this site attractive to buyers?
Its prime Mott Street location, high pedestrian traffic, and substantial buildable square footage made it ideal for investors seeking commercial or mixed-use redevelopment opportunities. NoLIta’s dynamic neighborhood trends further increased its appeal.
Q3: Who purchased the property?
The buyer was Michael Namer, Alfa Development, an investor focused on Manhattan properties with strong commercial and redevelopment potential. The acquisition aligned with strategic growth in NoLIta’s boutique submarket.
Q4: What was the sale price and price per buildable square foot?
The property sold for $900,000, equating to $30.30 per buildable square foot, reflecting market demand for development sites in Manhattan’s boutique neighborhoods.
Q5: What makes NoLIta a desirable neighborhood?
NoLIta is prized for its historic charm, cobblestone streets, boutique shopping, and vibrant dining scene. Its central Manhattan location and proximity to SoHo, Little Italy, and the Bowery make it attractive for commercial and residential investment.
Q6: What redevelopment opportunities does the site allow?
The property can accommodate retail, office, or mixed-use projects, maximizing value within 29,700 buildable square feet. Its prime Manhattan location provides strong long-term prospects for investors and developers.
Q7: How does pedestrian traffic impact the property’s value?
High foot traffic on Mott Street increases visibility for retail tenants, ensures steady commercial activity, and enhances the long-term income potential of mixed-use development projects.
Q8: Why is NoLIta’s submarket appealing for investors?
NoLIta’s combination of historic character, boutique commercial appeal, and proximity to cultural landmarks and transit creates consistent demand. Small redevelopment sites in the neighborhood remain highly sought-after, offering long-term investment value.
