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Nolita Sale is “Signal” of Increasingly Active Multifamily Sector
Ariel Property Advisors arranged the $17.76-million sale of a two-property package in Nolita. It includes two walk-up buildings on Elizabeth and Mulberry Streets totaling 35 units, of which 32 are residential.
The sale was arranged by an Ariel team including president Shimon Shkury, EVPs Victor Sozio and Michael Tortorici, director Howard Raber, and associate director Jack Moran.
“These two income-generating properties are located in an area with high demand,” said Shkury. “With Manhattan’s residential and commercial markets rebounding rapidly, properties like these present a tremendous amount of upside and investment potential.”
Sozio added, “This sale is indicative of an overall positive trend in Manhattan right now. Lower vacancy rates, fewer concessions, better collections and more pricing discovery are all tailwinds for the multifamily and mixed use sectors, and this package is a signal that buyers and current owners are becoming increasingly ready to transact.”
- ◦Sale/Acquisition
