New York & Tri-State + Downtown New York + Apartments | March 22, 2023

Ariel Closes Sale of East Village Mixed-Use Multifamily

Ariel Property Advisors arranged the sale of a mixed-use multifamily property at 32 Avenue A between East 2nd and East 3rd streets in Manhattan’s East Village. The property traded for $3.78 million, or $803 per square foot.

An Ariel team led by founding partners Victor Sozio and Michael A. Tortorici, director Howard Raber and associate Conor Johnston arranged the transaction on behalf of the seller.

The 4,708-square-foot, four-story, mixed-use building includes a commercial unit on the ground floor and three recently renovated free-market, three-bedroom units above.

“The East Village continues to be one of the most dynamic, ‘live-work-play’ neighborhoods in the city,” Tortorici said. “With stable cash flow and long-term upside, 32 Avenue A attracted exceptionally strong interest and pricing in these volatile times.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).

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