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14 Spring Street
TOWN Astor Place has been retained on an exclusive basis to arrange for the sale of 14 Spring Street, 3
mixed use buildings set on one prime Nolita corner tax lot, providing frontage on both Spring and
Available for the first time on the open market, 14 Spring Street is composed of 14 well-appointed
residential units (seven recently updated free market unites, seven rent stabilized and one rent
controlled) plus four ground-floor commercial retail units. Currently occupied by a restaurant, wine
store, gallery and a jewelry store, the commercial spaces are generating on average 10-15% less than
market rate for the area.
Built in 1910 and encompassing roughly 10,890 square feet on a 25 x 107 lot, this building provides a
remarkable opportunity for conversion to luxury residential or boutique hotel usage in a thriving Lower
Manhattan neighborhood thirsty for inventory.
Known for its Old World feel, vibrant nightlife, experimental restaurants and trendy boutiques, Nolita's
popularity is at an all-time high. Recent luxury developments at 199 Mott Street and 224 Mulberry
Street, not to mention older developments at 211 Elizabeth Street and the refurbished Puck Building,
have made headlines for rapid sellouts and record prices. With limited area and 75-foot building height
cap, low inventory keeps Nolita residential real estate in high demand.
Positioned between SoHo and Bowery, Nolita benefits from foot traffic from not only active shoppers
and diners, but also from those seeking out nearby cultural venues, such as the New Museum and
Bowery Ballroom. Home to small, trendy boutiques for decades, Helmut Lang and Tom's Shoes have
recently joined the roster of national brands looking for Nolita space near pricier SoHo, while new
boutique hotels like Nolitan, The Bowery House, SoHotel and NobleDEN house hip and trendy visitors
from across the country and around the world. Listing courtesy of Town Residential