232 Mulberry Street | RARE Nolita Mixed-Use with Air Rights & Long-Term Upside
Located in the heart of Nolita, 232 Mulberry Street presents a rare opportunity to acquire a rent-stabilized mixed-use building with built-in cash flow, underutilized air rights, and significant long-term upside.
This four-story walk-up totals approximately 9,367 square feet and is comprised of ground-floor retail and multiple rent-stabilized residential units above. The building is currently built to a 3.80 FAR, with a maximum allowable residential FAR of 6.02 and commercial FAR of 6.0, offering approximately 5,472 square feet of unused development rights (total max FAR: 14,839 SF).
Protected by its Tax Class 2A status, the property offers stable operating expenses and is ideally suited for investors seeking a generational asset in a high-demand, low-turnover neighborhood. While rent-stabilized, the property benefits from predictable income and long-term potential through capital improvements, strategic unit turnover, and future redevelopment.
Positioned between Prince and Spring Streets, 232 Mulberry sits in one of downtown Manhattan’s most dynamic and supply-constrained neighborhoods—surrounded by luxury condos, designer boutiques, and award-winning dining.
Investment Highlights:
Mixed-use building with rent-stabilized residential units
±9,367 SF built | ±14,839 SF max FAR
±5,472 SF of unused air rights
Zoned C6-2 | Tax Class 2A
Long-term hold with low operating expenses
Prime Nolita location near SoHo and NoHo
Strong foot traffic and neighborhood demand
Contact us today for Offering Memorandum
Active
$9,995,000
232 Mulberry St FRONT 1, New York, NY 10012
17beds
9,367sqft
Building
Built in 1901
-- sqft lot
$-- Zestimate®
$1,067/sqft
$-- HOA
What's special
Four-story walk-upRent-stabilized residential units
- 50 days
- on Zillow |
- 973 |
- 18 |
Zillow last checked: 7 hours ago
Listing updated: July 18, 2025 at 02:24pm
Listing by:
Douglas Elliman 973-931-1816,
Wilfredo Rivera
Source: StreetEasy,MLS#: S1775620
Travel times
Tour with a buyer's agent
Tour with a buyer's agent
Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 17
- Bathrooms: 17
- Full bathrooms: 17
Interior area
- Total structure area: 9,367
- Total interior livable area: 9,367 sqft
Property
Details
- Special conditions: Sponsor Unit
Construction
Type & style
- Home type: SingleFamily
- Property subtype: Building
Condition
- Year built: 1901
Community & HOA
Community
- Subdivision: Nolita
Location
- Region: New York
Financial & listing details
- Price per square foot: $1,067/sqft
- Annual tax amount: $100,188
- Date on market: 6/14/2025
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