Financial
- Monthly rent: $15,000
- Annual rent: $180,000
- Rent per SF/month: $20.55
- Rent per SF/year: $246.58
- Approximate monthly cost per 1,000 SF: $20,548
- Lease length: To be confirmed / negotiable
The location is the main attraction. Mott Street in NoLIta benefits from a strong mix of fashion, restaurants, cafés, beauty concepts, specialty retail, and destination foot traffic, with SoHo, the Bowery, and the Lower East Side all nearby.
Compared with 232 Mott Street, this property is asking the same $15,000/month but provides only 730 SF versus 900 SF. As a result, 273 Mott is substantially more expensive on a normalized basis: approximately $246.58/SF/year versus $200/SF/year. That makes 273 Mott about 23% more expensive per square foot.
Compared with 168 Suffolk Street, 273 Mott is also materially more expensive: approximately $246.58/SF/year versus $174.55/SF/year. Suffolk Street has a smaller 550-SF footprint, but its annual rent is only $96,000 versus $180,000 here.
Compared with 92 Reade Street, the premium is even more pronounced. Reade Street is asking approximately $147.69/SF/year, making 273 Mott roughly 67% more expensive per square foot.
The 730-SF size could work well for a high-margin boutique, jewelry store, beauty concept, showroom, specialty retailer, or other brand that benefits from NoLIta’s identity and does not require much back-of-house space. At this rent level, however, nearly all of the space needs to be productive.
Before proceeding, I would confirm how much of the 730 SF is true ground-floor retail area, whether basement or storage is included, storefront frontage, ceiling height, HVAC, electrical capacity, bathroom configuration, signage rights, and any additional real estate tax or CAM obligations.
For food or beverage use, I would separately verify venting, gas, grease traps, occupancy limits, and permitted use.
Overall, 273 Mott Street is a premium-location, premium-rent retail opportunity. At approximately $247/SF/year, it is one of the most expensive spaces you have sent on a normalized basis. Given that 232 Mott Street offers more space for the same monthly rent, I would favor 232 Mott unless 273 Mott has materially better frontage, visibility, condition, or positioning.
