NEW YORK, NY – June 2, 2019 – Ariel Property Advisors has been exclusively retained to sell 16 St. Marks Place, a rare investment opportunity on one of New York City’s most iconic streets in the East Village. The prime 20-unit mixed-use property is being offered for $10.5 million, or $882 per square foot.

The property – a 26’ wide, 5-story, 11,908 square foot walk-up building that contains 18 residential units and 2 ground-floor retail units – sits at a coveted part of the St. Marks Place retail corridor between 2nd and 3rd Avenues. The residential units, which are all currently 1-bedroom apartments, are a mix of free-market and rent regulated units.

Exclusive Ariel Property Advisors agents Michael A. Tortorici, Victor Sozio, Howard Raber, Esq., Matthew L. Gillis and Jiani Zhou are representing the seller.

“Properties like 16 Saint Marks Place only come to market once in a blue moon,” said Tortorici, Executive Vice President at the company. “Given its historic East Village location and significant value-add potential, this asset represents a premier Manhattan real estate investment opportunity.”

The building offers extraordinary retail potential due to its closeness to many significant educational, cultural and culinary institutions. New York University, Cooper Union and the Manhattan campus of St. John's University are all steps away.

The property is surrounded by a slew of performance centers, parks, movie theaters, comedy clubs, boutiques, bars, and diverse dining options. Transportation to almost everywhere in New York City is easily accessible due to the building’s proximity to the 6/R/W trains, while the Union Square subway station and the F train at Houston Street are a short walk away.