NEW YORK, NY – September 17, 2024 – Ariel Property Advisors (Ariel) arranged the sale of a mixed-use building at 151 Smith Street in the popular Boerum Hill section of Brooklyn for $3.6 million, or $918/SF. The four-story property consists of six apartments (including five free market and one rent stabilized) and includes two retail spaces currently fully leased.

An Ariel team comprised of lead broker Sean R. Kelly, Partner, along with Nicole Daniggelis, Associate Director & Stephen Vorvolakos, Director arranged the sale on behalf of seller Doreen DeLeon. The buyer in the transaction was Faisal Kassim.

“There is a deep buyer pool for mixed-use assets along strong commercial corridors in Brownstone Brooklyn,” Mr. Kelly said. “Another driver for this product type is that it is a tax class 2B building which limits the amount of annual property tax increases.”

Ms. Daniggelis added, “Our team procured 25 offers which created a competitive bidding process, ultimately leading to the sale of the property above our asking price. This is the second sale our team has handled on Smith Street this calendar year, and we’re actively marketing two other buildings on the block.”

The prime Boerum Hill neighborhood is a bustling corridor, home to both local and national business tenants, with active foot traffic of over 10,000 pedestrians daily. 151 Smith Street is within a two block radius of the Bergen Street F & G station as well as Boerum Park, and the property is based in a geographic district featuring an abundance of top rated New York City public and private schools.

NOTE: For more information about the Brooklyn investment sales market, please refer to Ariel’s latest research reports: Ariel Property Advisors’ Brooklyn 2024 Mid-Year Commercial Real Estate Trends report and Q2 2024 Multifamily Quarter In Review New York City..