High-rise commercial buildings

Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Downtown New York  + Apartments  | 

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. 

Connect

Inside The Story

Ariel Property AdvisorsCushman & Wakefield's DeCheser

About Paul Bubny

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).

  • ◦Sale/Acquisition
New call-to-action
New call-to-action