NEW YORK, NY – June 20, 2019 – Ariel Property Advisors has facilitated the sale of 99 & 103 Atlantic Avenue, two mixed-use buildings in Brooklyn Heights’ popular Historic District. The pair of four-story buildings, which are dominated by free-market residential units, sold for $8 million, or $736 per square foot, with a 5.25% cap rate.

Located on the north side of Atlantic Avenue between Hicks Street and Henry Street, the properties boast 11 residential units, of which 10 are free market, and two ground-floor retail units.

Exclusive agents Sean R. Kelly Esq. and David Khukhashvili represented the seller, Itzhaki Acquisitions, and procured the buyer, Cheever Development.

“The buyer acquired prime turn-key, cash-flowing assets in a neighborhood that has seen substantial appreciation over the past 10 years as Greater Downtown Brooklyn’s renaissance continues,” said Kelly, a Senior Director at Ariel Property Advisors.

Close to Brooklyn Bridge Park, Brooklyn Heights is rich in culture, with great restaurants and a multitude of retail establishments. The properties sit in the pocket of brownstone neighborhoods of Cobble Hill, Boerum Hill and Carroll Gardens. Meanwhile, Greater Downtown Brooklyn area has seen between 5,000-6,000 residential units come online recently, which should positively impact the surrounding area with increased density.

With eight subway lines situated within seven blocks, the property package boasts swift access to Manhattan and other locations. Additionally, the award-winning Brooklyn Bridge Park, as well as the retail and dining-centric corridors of Smith Street, Court Street, and Montague Street are all within walking distance.