232 Mulberry Street | 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: Boiler rebuilt in 2023 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