Financial
- Monthly rent: $15,000
- Annual rent: $180,000
- Rent per SF/month: $16.67
- Rent per SF/year: $200.00
- Approximate monthly cost per 1,000 SF: $16,667
- Lease length: To be confirmed / negotiable
The property is a mixed-use building with five residential units and one commercial unit, and public property information classifies it as an S5 building — primarily five-to-six-family residential with a store or office. This supports the building’s existing commercial character.
The location is a major strength. 232 Mott Street sits in NoLIta, with SoHo immediately to the west and the Bowery/Lower East Side nearby. The surrounding area has a strong concentration of restaurants, fashion boutiques, specialty retailers, cafés, beauty concepts, and other destination businesses.
Transit accessibility is excellent. The 6 train at Spring Street is approximately 0.11 miles away, the J/Z at Bowery approximately 0.17 miles away, the B/D/F/M and 6 around Broadway-Lafayette/Bleecker Street approximately 0.17–0.18 miles away, and the R/W at Prince Street approximately 0.19 miles away.
From an economic standpoint, the 900-SF size helps keep the absolute monthly obligation at $15,000, but the normalized rent is expensive. At $200/SF/year, a tenant needs to place significant value on the NoLIta location and generate enough sales from a relatively small footprint to justify the occupancy cost.
Compared with 1577 Third Avenue, Mott Street costs $7,000 less per month, or $84,000 less per year, but provides 800 SF less space. More importantly, Mott Street is significantly more expensive on a per-square-foot basis: $200/SF/year versus approximately $155.29/SF/year at Third Avenue. Mott Street is therefore about 29% more expensive per square foot.
The smaller footprint could still work particularly well for a fashion boutique, jewelry store, beauty concept, specialty retailer, showroom, or other high-margin business that benefits from a Downtown Manhattan location. For these uses, the location and neighborhood identity may matter more than maximizing square footage.
Before proceeding, I would confirm exactly how the 900 SF is calculated, including whether all of it is ground-floor selling space or whether basement/storage space is included. I would also verify storefront frontage, ceiling height, HVAC, electrical capacity, bathroom configuration, signage rights, property-tax/CAM obligations, and delivery condition.
For restaurant or food use, additional diligence would be required regarding venting, gas, grease traps, Certificate of Occupancy, and permitted use.
Overall, 232 Mott Street is a premium-location, high-rent retail opportunity. The $15,000 monthly commitment is lower than 1577 Third Avenue, but at $200/SF/year, you are paying a substantial premium for NoLIta. I would favor Mott Street for a brand, boutique, or high-margin concept that specifically benefits from Downtown foot traffic and neighborhood identity; for a business that primarily needs more usable space, 1577 Third Avenue offers better value on a per-square-foot basis.
