Press Releases Archive
Sean R. Kelly, Esq.
Partner
Ariel Property Advisors
Stephen Vorvolakos
Director - Investment Sales
Ariel Property Advisors
NEW YORK, NY – April 28, 2022 – Ariel Property Advisors has arranged the sale of a 36,602 square foot industrial warehouse property at 572 Richmond Terrace in Staten Island, NY, for $6.225 million, which equates to $170/SF.
572 Richmond Terrace
The sale was arranged by an Ariel team including Sean R. Kelly, Partner; and Stephen Vorvolakos, Director, Investment Sales. The seller in the transaction was Zenith Industrial Chemicals and the buyer was Zion Judaica.
“As demand for industrial, factory, warehouse and outdoor storage space continues to rise, pricing metrics in markets like Brooklyn have increased by more than 50 percent, leading investors and owner-users to look elsewhere,” said Kelly. “Staten Island has become an attractive alternative market for those looking for well-situated properties at affordable prices.”
The one-story industrial warehouse property has M3-1 zoning and consists of five loading bays, approximately 24-foot ceiling heights and 38-foot and 55-foot horizontal column spacing. Situated on the North Shore section of Staten Island along the Saint George Waterfront, the industrial building provides easy access to Brooklyn, the outer boroughs and New Jersey via the Verrazano Bridge, Bayonne Bridge and the Goethals Bridge. In addition, it is near the Staten Island Ferry.
The property recently underwent significant renovations including the installation of new gas heating units, LED lighting, exterior and interior improvements and roof repairs.
For more information, please contact: Sarah Berman at 212.450.7300 or sberman@bermangrp.com.
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Ariel Property Advisors is a New York City-based commercial real estate services and advisory company offering expertise in three core areas: Investment Sales, Capital Services and Research & Advisory. Our Investment Sales Group specializes in all major commercial asset types throughout the New York metropolitan area, the Capital Services Group provides clients nationwide with custom-tailored financing solutions and the Research & Advisory team delivers timely market reports, empowering both our professionals and clients. Additionally, our recent strategic partnership with GREA (Global Real Estate Advisors), a nationwide network of independent real estate investment services companies, further expands our reach and capabilities. To learn more, please visit us at arielpa.nyc.