PRESS RELEASE | Two Lower East Side Multifamily Properties Trade for $24.8 Million
MENU
CLIENT ACCESS
Ariel Property Advisors represented the buyer and Cushman & Wakefield represented the seller in 153 Norfolk Street and 109 Ludlow Street transaction
Michael A. Tortorici
Founding Partner
Ariel Property Advisors
Shimon Shkury
President and Founder
Ariel Property Advisors
Victor Sozio
Founding Partner
Ariel Property
Howard Raber
Director - Investment Sales
Ariel Property
NEW YORK, NY – March 23, 2023 – Ariel Property Advisors and Cushman & Wakefield announced the sale of two multifamily properties on the Lower East Side of Manhattan for a total of $24.8 million
153 Norfolk Street (left) and 109 Ludlow Street (right)
The two properties include:
A six-story, 22,500-square-foot multifamily elevator building at 153 Norfolk Street between Stanton Street and Rivington Street sold for $16 million. The recently upgraded property includes 47 apartments consisting of 27 one-bedroom units, four two-bedroom units, and 16 flex two-bedroom units.
A six-story mixed-use walk-up building at 109 Ludlow Street between Delancey Street and Rivington Street 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. The apartment mix includes nine one-bedroom units, 14 two-bedroom units, and one three-bedroom unit. One of the retail units is a vacant multi-level restaurant, bar, and lounge space in turn-key condition.
For both transactions, Ariel Property Advisors’ Michael A. Tortorici, Founding Partner, Shimon Shkury, President and Founder, Victor Sozio, Founding Partner, and Howard Raber, Director, arranged the sale on behalf of the buyer and Cushman & Wakefield’s Michael DeCheser, Senior Managing Director, and Bryan Hurley, Associate Director, represented the seller.
For more information, please contact: Gail Donovan at 212.544.9500 ext. 19 or gdonovan@arielpa.com.
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.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via pr@arielpa.com
Loading...
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.
