DNA Development in partnership with Javeri Capital purchased 51 Spring Street a 15 unit residential building with 2 retail stores on the corner of Spring & Mullberry in the NoLiTa sub-market of Mangattan in April 2019.
We have successfully executed our business plan and completed our renovation and upgrade of 11 of the 15 existing residential units while simultaneously repositioning and upgrading the retail tenancy. During the COVID-19 pandemic, which started in Q1 of 2020, the partnership worked creatively to maximize efficiency of the residential renovation program while limiting disruption to the in-place tenants.
In tandem with the residential renovation, the repositioning of the corner retail space, formerly the beloved Pomodoro Pizza, began in earnest and led to the significant upgrade and redevelopment of the corner retail space, which is now home to Upside Pizza a thriving pizza purveyor. The in-line space is occupied by Oakberry, a fast growing Açai bowl purveyor which replaced the former Crepe operator. DNA & Javeri have successfully executed our business plan and significantly increased rent rolls (both residential and commercial) to enhance value of the building and the return on investment for our investors and partners.
51 Spring Street | NYC, NY
Mixed-Use Residential above Retail
DNA DEVELOPMENT & JAVERI CAPITAL
Joint Venture Partnership