
Ariel Closes Sale of Two-Property Package in Nolita
Ariel Property Advisors arranged the $17.76-million sale of a two-property package in Manhattan’s Nolita neighborhood. The package includes two walk-up buildings on Elizabeth and Mulberry streets totaling 22,845 gross square feet and 35 total units, including 32 residential units and three commercial units.
The sale was arranged by Ariel’s Shimon Shkury, Victor Sozio, Howard Raber, Michael Tortorici and 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.”
Pictured: Shimon Shkury.
- ◦Sale