NEW YORK, NY – May 4, 2021 – Ariel Property Advisors has recently arranged $4.65 million in sales on two properties in the heart of Brooklyn, including the $3.25 million sale of 175 Clinton Street, a five-unit multifamily building in the Historical District of Brooklyn Heights, and the $1.4 million sale of the corner commercial condominium unit at 613 Baltic Street, a brand-new, 44-unit luxury building developed by JDS Development in Park Slope.

175 Clinton Street

Located on the east side of Clinton Street between State Street and Atlantic Avenue, 175 Clinton Street is a well-maintained building that has been carefully updated while preserving most of its original historic value. The location is steps away from some of Brooklyn’s busiest commercial corridors, such as Atlantic Avenue, Court Street, Smith Street, Montague Street and Remsen Street, and is near top-ranked schools and an abundance of subway options in Downtown Brooklyn. The sale of the property was arranged by a team including Sean Kelly, Esq., Senior Director, Investment Sales; Jiani Zhou, Associate Director, Investment Sales; and David Khukhashvili, Associate Director, Investment Sales.

“With Brooklyn Heights being one of Brooklyn’s most sought-after neighborhoods, this property presented an opportunity to unlock immediate value,” said Kelly. “The prospective buyer also has the option to keep it as an existing residential rental or convert it to luxury condominium units, which allows flexibility for investment needs.”

613 Baltic Street

Situated on the corner of 4th Avenue and Baltic Street, the commercial condominium unit at 613 Baltic Street totals 1,880 square feet and is designated for retail use. The unit offers 39 feet of frontage on 4th Avenue, Park Slope’s most heavily used commercial thoroughfare, as well as 58 feet of frontage on Baltic Street. The unit offers abundant subway and LIRR transportation options via Atlantic Terminal, along with proximity to Prospect Park, high-quality schools, dining, nightlife and shopping options. The sale of the unit was arranged by a team including Sean Kelly, Esq., Senior Director, Investment Sales; Stephen Vorvolakos, Director, Investment Sales; David Khukhashvili, Associate Director, Investment Sales; and Jiani Zhou, Associate Director, Investment Sales.

“Brick-and-mortar retail has been challenged by the combination of Covid-19 and the rise of ecommerce, so essential businesses will help anchor commercial spaces like this,” said Kelly. “The space was acquired by a dentist, which is indicative of the kinds of businesses that will continue to fare well in a borough with higher occupancy figures.”