New York & Tri-State + Outer + Apartments | May 13, 2022

Ariel Property Advisors closed the $7.065-million sale of 156 Court St., a mixed-use property in Brooklyn

Mixed-Use Sale Sets Price-Point Record for Brooklyn’s Court Street

Ariel Property Advisors has arranged the sale of a four-story, 7,675-square-foot mixed-use property at 156 Court St. in Brooklyn for $7.065 million. The building contains six residential units and a commercial space anchored by Lemongrass Grill, a popular Thai restaurant that has operated at this location for more than 20 years.

The property was sold by an Ariel team including partner Sean R. Kelly and directors Benjamin Vago and Stephen Vorvolakos. The seller in the transaction was Blake Partners LLC and the buyer was North Sixth Realty Corporation.

“Mixed-use and multifamily assets in established neighborhoods like Cobble Hill have remained consistent and attracted a re-emerging investor pool that is eager to deploy capital,” said Kelly. “This remains a highly active market and the price point on this transaction is a record for Court Street, which is indicative of how competitive the landscape is right now.”

Connect

Inside The Story

Ariel Property Advisors

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).