Ariel completed $3.78 million sale of mixed-use multifamily property

Manhattan, NY Ariel Property Advisors (Ariel) has completed the sale of a mixed-use multifamily property at 32 Ave. A between East 2nd and East 3rd st.'s. The property traded for $3.78 million, which translates to $803 per s/f.

An Ariel team led by founding partners Victor Sozio and Michael Tortorici, director Howard Raber, and associate Conor Johnston, arranged the transaction on behalf of the seller.

The 4,708 s/f, four-story, mixed-use building includes a commercial unit on the ground floor and three recently renovated free market, three-bedroom units above.

“The East Village continues to be one of the most dynamic, ‘live-work-play’ neighborhoods in the city,” Tortorici said. “With stable cash flow and long-term upside, 32 Avenue A attracted exceptionally strong interest and pricing in these volatile times. The Ariel team was pleased to work on a deal that was beneficial for both sides.”

32 Avenue A is neaby Tompkins Square Park and has multiple retail, dining, and nightlife options. The property is also blocks from the FDR Drive and multiple subway lines and public transportation alternatives, providing access to the rest of the city and the Tri-State area.