NEW YORK, NY – June 30, 2015 – Ariel Property Advisors has announced the sale of a multifamily property at 286 Clinton Avenue in the Clinton Hill Historic District of Brooklyn. The five-story walk-up sold for $8.15 million.

Exclusive agents Mark Spinelli, Michael A. Tortorici, Shimon Shkury, Victor Sozio, Jonathan Berman and Daniel Tropp represented the seller, a Brooklyn-based real estate development and property management firm, and procured the buyer, a real estate investment group.

The 19,000-square-foot property, located at the intersection of Clinton Avenue and DeKalb Avenue, is a corner residential building comprised of 35 residential units. The sale price roughly translates to $429 per square foot.

“An asset of this scale is a rare find in a historic district like Clinton Hill, especially with the added advantage of in-place income and future upside in a rapidly appreciating area,” said Mark Spinelli, Vice President of Ariel Property Advisors. “The transportation availability, corner location and tree-lined blocks are just some of the benefits of this particular property.”

The Clinton Hill Historic District is known for its elegant 19th Century mansions and tree-lined streets. Residents enjoy easy access to major Brooklyn destinations like Long Island University, St. Joseph’s College, Brooklyn Hospital, Pratt Institute, Fort Greene Park, and the Barclay’s Center. It is also steps away from several transportation options at Clinton-Washington Avenue, DeKalb Avenue, and Atlantic Terminal.

Brooklyn had a strong Q1 of 2015 with 114 buildings traded, among 63 transactions and $1.079 billion in dollar volume. Dollar volume for the quarter almost doubled that of the 4Q14, and was 48% higher than the first quarter of last year, according to Ariel Property Advisors’ Multifamily Quarter in Review.