NEW YORK, NY – February 24, 2020 – Ariel Property Advisors continued its active run of Brooklyn closings by facilitating the sale of 100 Livingston Street, a four-story office building in Downtown Brooklyn. The building sold for $10.5 million at a 5.5% cap rate. Ariel’s team of Sean R. Kelly, Esq., Senior Director, Investment Sales; David Khukhashvili, Associate Director, Investment Sales; and Jiani Zhou, Associate Director, Investment Sales, represented the seller ACHS Management and procured the buyer Ecorise Development.

The property, which spans 12,681 square feet, is located on the south side of Livingston Street between Court Street and Boerum Place at the intersection of Downtown Brooklyn and Brooklyn Heights, two of Brooklyn’s most prized real estate neighborhoods. The building contains five office units with three medical tenants with established practices occupying 7,000 square feet. The current operating rents are nearly $60 per square foot.

“With its high-quality, in-place tenants, 100 Livingston unsurprisingly saw active bidding activity, with Ecorise ultimately acquiring this extremely well-situated prime office building,” said Kelly. “Using Ariel’s proprietary software that tracks all listings and sales throughout New York City, we were able to target prospective buyers looking for a low-risk, stable building with in-place cash low. The asset also garnered interest because it is mostly occupied by medical tenants and healthcare is in a growth phase. While the $828 per square foot turned off some investors, our top bidders—and ultimately the purchaser—were compelled by the location and stability of the asset.”

Positioned at the center of the municipal district, 100 Livingston Street is just one block away from Borough Hall and is in proximity to the Court Street commercial corridor, which features well-known tenants such as Investors Bank, Bank of America, Popular Community Bank, Barnes & Noble, Duane Reade, McDonald’s, Popeye’s, and Maison Kayser. Attractions nearby include the Brooklyn Heights Promenade, the Barclays Center and the Brooklyn Academy of Music.