Ariel Closes Industrial Deal on “Attractive Alternative” Staten Island
Ariel Property Advisors arranged the sale of a 36,602-square-foot industrial warehouse at 572 Richmond Terr. on Staten Island, for $6.225 million, which equates to $170 per square foot. The sale was arranged by Ariel partner Sean R. Kelly and director Stephen Vorvolakos. The seller was Zenith Industrial Chemicals and the buyer was Zion Judaica.
“As demand for industrial, factory, warehouse and outdoor storage space continues to rise, pricing metrics in markets like Brooklyn have increased by more than 50%, leading investors and owner-users to look elsewhere,” said Kelly. “Staten Island has become an attractive alternative market for those looking for well-situated properties at affordable prices.”
Situated on Staten Island’s North Shore along the Saint George Waterfront, the industrial building provides easy access to Brooklyn, the outer boroughs and New Jersey via the Verrazano-Narrows, Bayonne and Goethals Bridges. It’s also near the Staten Island Ferry.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).