51 SPRING STREET
51 Spring Street is an 8,000 SF mixed-use building located in the Nolita neighborhood of Manhattan. The building consists of two ground floor retail spaces, including a 1,000 square foot corner, and fifteen apartments on the upper floors. The Property boasts a corner location on highly trafficked Spring Street and tremendous proximity to transportation and neighborhood amentities, making it highly desirable for both retail and residential tenants.
At acquisition, Javeri Capital, by virtue of its deep knowledge of the retail market, recognized the unique potential to substantially increase the rents for the retail spaces at the property, despite broader market headwinds. Within two months of acquisition, Javeri executed a lease extension with one of the existing tenants that resulted in a rent increase of over 30% with no downtime and limited concession, and the project's lender subsequently agreed to upsize the acquisition loan based on this leasing success, providing working capital to fund renovations of the apartments above and limiting the need for equity investor capital calls.