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

Elizabeth streets.

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.