118 Mulberry Street
This Chinatown mixed-use asset at 118 Mulberry Street presents notable credit concerns for a private lender. The property is 100% rent stabilized, severely constraining income growth and limiting upside potential in a market where rent stabilization has become increasingly restrictive post-HSTPA 2019. The calculator data reveals a DSCR of 0.94x — below the 1.0x threshold — and a negative cash-on-cash return of -1.27%, indicating the property does not cover its debt service at conventional leverage levels, which is a hard underwriting red flag. The $204 PPSF is at or slightly below market for Chinatown mixed-use comp sales, suggesting the price is fair but the income profile is constrained. Broker representation from Raven Property Advisors (led by Daniel Handweiler, a prolific broker with 34 deals and $327M volume) adds credibility to the transaction, but the buyer's identity is unknown, making counterparty risk assessment impossible. For Homage, this deal would require conservative LTV, strong buyer equity, and thorough rent roll review before proceeding.
Deal Stats
Parties
Seller / Landlord
Sao Fan
Sao Fan appears to be a private individual or family owner typical of Chinatown mixed-use holdings, likely a long-term owner of rent-stabilized residential and retail property in lower Manhattan with limited public transactional history.
Score Analysis
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Resolve outstanding violations or liens
Active violations significantly depress the score; clearing them has high impact.
Provide sponsor financial statements
Documented liquidity and net worth reduce lender risk perception.
Submit a detailed business plan
A clear repositioning or hold strategy demonstrates deal viability.
Identify institutional co-lenders or equity partners
Reputable co-investors signal deal quality to underwriters.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Mixed Use Sale 118 Mulberry Street Sao Fan Sells Mixed-Use Property At 118 Mulberry Street In Chinatown For $2,280,000 SOLD $2,280,000 Mixed-use 11,154 SF Sold 2 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $204 Total Square Footage: Transaction Type: This mixed-use property at 118 Mulberry Street, located in the Chinatown market, was sold for $2,280,000. The building encompasses an area of 11,154 square feet with a price per square foot of $204. It is noteworthy for being a 100% rent stabilized building featuring retail space. Summary of transaction details: Property Type: Mixed-use Transaction Amount: $2,280,000 Sale Date: 5/15/2026 Seller: Sao Fan Brokers: Daniel Handweiler & Gabi Grob - Raven Property Advisors Daniel Handweiler and Gabi Grob represented the seller in this transaction, providing their brokerage expertise through Raven Property Advisors to facilitate the sale of the property. See More Players All Brokers Daniel Handweiler 34 deals $327.6M volume (212) 430-5138 BROKER Gabi Grob 1 deal $7.4M volume Details Deal Summary IMAGE: Daniel Handweiler & Gabi Grob DATE: 5/15/2026 ADDRESS: 118 Mulberry Street MARKET: Chinatown ASSET TYPE: Mixed-use SELLER: Sao Fan BROKERS: Daniel Handweiler (@DHandz) & Gabi Grob (@GabiGrob_) - Raven Property Advisors (@RavenPropertyAdvisors) SALE PRICE: $2,280,000 SF: 11,154 ~ PPSF: $204 NOTE FROM BROKER: 100% rent stabilized building with retail. Email New York | @tradedny Contact Get in touch with the broker you want Select Brokers Daniel (Danny) Handweiler, Gabi Grob Name Phone (optional) Message I'm an agent These are similar buyers of Mixed-use properties in this price range based on this d Unlock All Profiles Unlimited deal views Access investor profiles & contacts Exclusive comps & market data These are similar brokers based on this deal Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map. NEW! Search No recent news available for this market No active listings available for this market Suggestions Analyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results. Deal Type SALE LOAN LEASE Purchase Price Loan-to-Value (%) Interest Rate (%) Amortization Period 30 years Loan Term 10 years Operating Income Gross Potential Rent (Annual) Vacancy Rate (%) Operating Expenses (Annual) Property Tax Insurance Maintenance Utilities Management Reserves Reset Net Operating Income (NOI) $121,600.01 Debt Service Coverage Ratio (DSCR) 0.94x DSCR below 1.0x - deal does not cover debt service Cap Rate 5.33% Cash Flow (Annual) -$8,100.35 Cash-on-Cash Return -1.27% Monthly Debt Service $10,808.36 Annual Debt Service $129,700.36 Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. States National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming News Agents Agencies About About Us FAQ Testimonials Help Help Center Return Policy © 2026 Traded Media LLC . All rights reserved. Terms & Conditions Privacy Disclaimer Cookie Policy Do Not Sell My Info Acceptable Use