TARGO Capital Partners Acquires Mixed-Use Property In Nolita For $10M

The mixed-use property located at 5 Spring Street in Nolita has been sold for a total of $10,000,000. The property spans across 10,402 square feet, with a price per square foot of $961. The transaction took place on July 26, 2023, with the buyers being TARGO Capital Partners, represented by David Gleitman and Adam Basuljevic.

Summary of transaction details

• Property Type: Mixed-Use
• Transaction Amount: $10,000,000
• Address: 5 Spring Street, Nolita
• Square Footage: 10,402
• Price per Square Foot: $961
• Market: Nolita

TARGO Capital Partners, led by David Gleitman and Adam Basuljevic, acquired the mixed-use property in Nolita. The purchase was made directly from the sponsor, using all-cash and resulting in an in-place 6% cap rate with immediate upside. This acquisition adds to TARGO's existing portfolio, which now exceeds $100 million of downtown Manhattan real estate acquired over the past two years. TARGO Capital Partners continues to actively seek new acquisitions in the area.