NEW YORK, NY – April 25, 2023 – Ariel Property Advisors (Ariel) has announced the sale of a five-story, 5,483-square-foot multifamily building at 170 Clinton Street in Brooklyn Heights for $4.75 million.
170 Clinton Street
An Ariel team led by Partner Sean R. Kelly, Esq., who was joined by Director Stephen Vorvolakos, Associate Director Nicole Daniggelis, and Associate Julian Montilus, represented the seller.
The nine-unit multifamily property consists of eight one-bedroom units and one spacious two-bedroom, floor-through apartment on the second floor. Two of the units offer convenient backyard access. Delivered vacant, the building is poised for conversion into condominiums by its new owner.
“Our team’s expertise in the multifamily market of Brooklyn Heights proved invaluable in quickly identifying the right pool of prospective buyers,” said Kelly. “Through collaboration with a knowledgeable cooperating broker, we were able to connect with a qualified buyer who offered a premium price of approximately 10% above market value.”
170 Clinton Street is ideally located in the historic Brooklyn Heights neighborhood and steps away from multiple retail and dining options including Trader Joe’s, Barnes & Noble, Urban Outfitters, and Walgreens as well as Dos Toros, Paris Baguette, Joe Coffee, Shake Shack, and Chipotle. The building is also a few blocks away from the Brooklyn Bridge as well as from the Court Street N/R/W train station and Borough Hall 2/3/4/5 train station, providing quick and direct access to Manhattan in under 10 minutes.
Ariel Property Advisors is a New York City-based commercial real estate services and advisory company with three main groups: investment sales, capital services and research. The Investment Sales Group covers all major commercial asset types throughout the NY metropolitan area, while the Capital Services Group provides clients nationwide with custom tailored financing. Finally, our Research team empowers our professionals and clients with timely market reports. More information is available at arielpa.nyc.
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The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.