Historic SoHo Walk-Up Changes Hands for $23.4 Million

A classic prewar walk-up property in the heart of Manhattan’s coveted SoHo district has officially traded hands, marking another notable transaction in the downtown residential market. Property records revealed this week that the multi-story apartment building located at 280 Mulberry Street was sold by JGK Real Estate Holdings, an entity managed by Ben Benedetto Kahlun, for a price tag of $23.4 million.

The buyer was identified as a shell corporation operating under the name JP Real Estate Group Limited. Industry observers note that the purchasing entity appears to be collaborating with Arya, a property management firm based in Brooklyn, suggesting potential operational shifts or renovation plans for the historic asset. The transaction underscores the enduring appeal of well-located residential stock in prime Manhattan neighborhoods, even amidst a fluctuating broader market.

Key Details

The transaction involves a substantial fee simple interest in 280 Mulberry Street, a prewar structure characterized by its walk-up configuration. While specific square footage details were not immediately disclosed, the $23.4 million sale price reflects the premium placed on land and existing housing stock in SoHo.

• Seller: JGK Real Estate Holdings (Ben Benedetto Kahlun)
• Buyer: JP Real Estate Group Limited (Shell Corp)
• Management Partner: Arya (Brooklyn-based)
• Sale Price: $23.4 Million
• Location: 280 Mulberry Street, Manhattan

According to Commercial Observer, the deal closed recently, with records becoming public on Monday. The involvement of a Brooklyn-based management company like Arya often signals an intent to modernize units or reposition the asset to capture higher rental yields, a common strategy for older walk-up buildings in gentrified or high-demand areas.

Market Impact

This sale provides a fresh data point for investors monitoring the resilience of the Manhattan residential sector. SoHo remains a fortress destination for both lifestyle renters and retail consumers, meaning assets in this zip code rarely stay on the market long when priced correctly. The price per unit or per square foot—depending on the building's rent roll—will likely be analyzed as a benchmark for similar prewar walk-ups in the Village and Lower Manhattan.

Furthermore, the participation of Brooklyn-based management firms in Manhattan acquisitions suggests a blurring of traditional operational territories. As operating costs rise, experienced local management is becoming a critical component of underwriting. For CRE professionals, this deal highlights that value-add opportunities in prime locations are still attracting significant capital, particularly for groups willing to navigate the complexities of upgrading older housing stock.