NEW YORK, NY – April 30, 2021 – Ariel Property Advisors has arranged the $17.76 million sale of a two-property package in Manhattan’s Nolita neighborhood. The package includes two walk-up buildings on Elizabeth and Mulberry Streets totaling 22,845 gross square feet and 35 total units, of which 32 are residential units and three are commercial units. The sale was arranged by an Ariel team including Shimon Shkury, President; Victor Sozio, Executive Vice President, Investment Sales; Howard Raber, Esq., Director, Investment Sales; Michael Tortorici, Executive Vice President, Investment Sales and Jack Moran, Associate Director, Investment Sales.

“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.”

Zoned C6-2/LI, the buildings contain a total of 29,661 buildable square feet with an additional 6,816 square feet of air rights. Both properties are located within immediate walking distance to the 6 train at the Spring Street station, as well as the R and W trains at the Prince Street station. The package is in the heart of Lower Manhattan’s dining, arts and retail culture, from renowned restaurants and boutique shops and galleries to high-end grocers and globally recognized retail brands.

“This sale is indicative of an overall positive trend in Manhattan right now,” said Sozio. “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.”