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Successful Sale of 380-388 Broome Street in NoLIta, Manhattan
Bob Knakal successfully closed the sale of 380-388 Broome Street, a 41-unit walk-up multifamily building located in the heart of NoLIta. The off-market transaction represented a significant opportunity in one of Lower Manhattan’s most character-rich neighborhoods.
BKREA facilitated the deal on behalf of the seller, a developer and high-net-worth individual. The property’s prime corner location, scale, and classic pre-war construction made it a rare offering in an area where turnover is limited and investor demand is consistently high.
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Sale Details
The transaction closed on June 23, 2008, for a total price of $18,250,000, equating to $646.91 per square foot based on the property’s 28,211 square feet.
- Buyer: Joseph Jacobson, Madison Capital
- Seller: Benjamin Shaoul, Magnum Management
- Asset Class: Multifamily – Walk-Up
- Units: 41 Residential Apartments
Highlights of the Sale:
- Prime NoLIta location with consistent rental demand
- 41 residential units across a single building
- Significant footprint of over 28,000 square feet
- Rare pre-war walk-up construction with enduring appeal
Property Details
Located on Broome Street between Mulberry and Mott Streets, 380-388 Broome Street sits at the intersection of historic charm and modern-day NoLIta energy. The site is situated on Block 480, Lot 41 in Manhattan and lies just steps from vibrant SoHo, Little Italy, and Chinatown.
- Address: 380-388 Broome Street, New York, NY 10013
- Submarket: NoLIta (North of Little Italy)
- Zoning: R8B (Residential – Medium Density)
- Historic District: Outside formal district boundaries but surrounded by landmarked properties
Investment Highlights:
- Year Built: Pre-1940 (exact year unlisted but consistent with area’s historic housing stock)
- Stories: 5
- Total Square Footage: 28,211 SF
- Residential Units: 41
- Lot Dimensions: Full building on a single lot
Market Strategy and Positioning
At the time of sale in mid-2008, Manhattan’s real estate market was facing increasing uncertainty, yet demand for well-located multifamily assets in core neighborhoods remained high. BKREA capitalized on this dynamic, presenting the property as a long-term cash-flow investment with upside potential through renovation or repositioning.
The walk-up format, while limiting rent potential compared to elevator assets, proved attractive to buyers looking for stable tenancy, low maintenance overhead, and long-term appreciation. The building’s location in a culturally rich and high-demand neighborhood gave it a competitive edge in a crowded marketplace.
Neighborhood Overview
NoLIta (North of Little Italy) is one of Manhattan’s most distinct enclaves—blending historic architecture, cobblestone streets, and upscale retail with a residential community feel. The neighborhood has evolved into a favorite among young professionals, creatives, and long-time New Yorkers alike.
Nearby Highlights:
- Steps from boutique shopping on Elizabeth Street
- Surrounded by trendy dining spots like Rubirosa, Café Habana, and Prince Street Pizza
- Within walking distance of SoHo, Chinatown, and the Bowery
- Close proximity to major subway lines including the B, D, F, M, N, R, and 6 trains
Conclusion
The sale of 380-388 Broome Street is a testament to BKREA’s ability to identify and maximize value for sellers in highly competitive neighborhoods like NoLIta. With strategic positioning and a clear understanding of buyer demand, BKREA delivered a result that reflected the true potential of this rare pre-war multifamily asset.
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Frequently Asked Questions
Q1: What type of property is 380-388 Broome Street?
It’s a walk-up multifamily apartment building with 41 residential units, located in the NoLIta neighborhood of Manhattan.
Q2: How much did the building sell for per square foot?
The property sold for approximately $646.91 per square foot based on its 28,211 square feet.
Q3: Why is this location appealing to investors?
NoLIta offers a combination of historic charm, strong rental demand, and proximity to major retail and cultural destinations, making it a highly sought-after area for multifamily investment.
