Nolita Sale is “Signal” of Increasingly Active Multifamily Sector
Ariel Property Advisors arranged the $17.76-million sale of a two-property package in Nolita. It includes two walk-up buildings on Elizabeth and Mulberry Streets totaling 35 units, of which 32 are residential.
The sale was arranged by an Ariel team including president Shimon Shkury, EVPs Victor Sozio and Michael Tortorici, director Howard Raber, and associate director 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.”
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).