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Two Lower East Side Multifamily Properties Trade for $24.8 Million


Michael A. Tortorici
Founding Partner
Ariel Property Advisors

Shimon Shkury
President and Founder
Ariel Property Advisors

Victor Sozio
Founding Partner
Ariel Property

Howard Raber
Director - Investment Sales
Ariel Property

NEW YORK, NY – March 23, 2023 – Ariel Property Advisors and Cushman & Wakefield announced the sale of two multifamily properties on the Lower East Side of Manhattan for a total of $24.8 million



153 Norfolk Street (left) and 109 Ludlow Street (right)

The two properties include:


A six-story, 22,500-square-foot multifamily elevator building at 153 Norfolk Street between Stanton Street and Rivington Street sold for $16 million. The recently upgraded property includes 47 apartments consisting of 27 one-bedroom units, four two-bedroom units, and 16 flex two-bedroom units.


A six-story mixed-use walk-up building at 109 Ludlow Street between Delancey Street and Rivington Street sold for $8.8 million. The property spans 16,812 square feet above grade, and contains 26 units, including 24 apartments and two retail units. The apartment mix includes nine one-bedroom units, 14 two-bedroom units, and one three-bedroom unit. One of the retail units is a vacant multi-level restaurant, bar, and lounge space in turn-key condition.


For both transactions, Ariel Property Advisors’ Michael A. Tortorici, Founding Partner, Shimon Shkury, President and Founder, Victor Sozio, Founding Partner, and Howard Raber, Director, arranged the sale on behalf of the buyer and Cushman & Wakefield’s Michael DeCheser, Senior Managing Director, and Bryan Hurley, Associate Director, represented the seller.



For more information, please contact: Gail Donovan at 212.544.9500 ext. 19 or gdonovan@arielpa.com.

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Ariel Property Advisors

Ariel Property Advisors is a New York City-based commercial real estate services and advisory company with three main groups: investment sales, capital services and research. The Investment Sales Group covers all major commercial asset types throughout the NY metropolitan area, while the Capital Services Group provides clients nationwide with custom tailored financing. Finally, our Research team empowers our professionals and clients with timely market reports. More information is available at arielpa.nyc.


Media Contact

Gail Mitchell Donovan, Senior Director - 
                          Communications, Ariel Property Advisors

Gail Mitchell Donovan

Senior Director - Communications

212.544.9500 ext. 19

gdonovan@arielpa.com

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