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Ariel, Cushman & Wakefield Close Sales of Two Lower East Side Multifamily Properties
Ariel Property Advisors and Cushman & Wakefield arranged the sale of two multifamily properties on the Lower East Side of Manhattan for a total of $24.8 million. The two properties include:
● A six-story, 22,500-square-foot elevator building at 153 Norfolk St. between Stanton and Rivington streets sold for $16 million. The recently upgraded property includes 47 apartments.
● A six-story mixed-use walk-up building at 109 Ludlow St. between Delancey and Rivington streets sold for $8.8 million. The property spans 16,812 square feet above grade, and contains 26 units, including 24 apartments and two retail units.
For both transactions, Ariel Property Advisors’ founding partner Michael A. Tortorici and president Shimon Shkury arranged the sale on behalf of the buyer. Cushman & Wakefield’s senior managing director Michael DeCheser and associate director Bryan Hurley represented the seller.
- ◦Sale/Acquisition

