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

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.