News:
Brokerage
Posted: June 14, 2022
Ariel Property Advisors closes on $7.1 million sale of mixed-use property
Brooklyn, NY Ariel Property Advisors has arranged the sale of a four-story, 7,675 s/f mixed-use property at 156 Court St. in for $7.065 million, or $920 per s/f. The building consists of six residential units and a commercial space anchored by Lemongrass Grill, a popular Thai restaurant that has operated at this location for more than 20 years.
The property was sold by an Ariel team including partner Sean Kelly and directors Benjamin Vago and Stephen Vorvolakos. The seller in the transaction was Blake Partners LLC and the buyer was North Sixth Realty Corporation.
“Mixed-use and multifamily assets in established neighborhoods like Cobble Hill have remained consistent and attracted a re-emerging investor pool that is eager to deploy capital,” said Kelly. “This remains a highly active market and the price point on this transaction is a record for Court Street, which is indicative of how competitive the landscape is right now.”
Court St. is one of Brooklyn’s strongest retail corridors and serves the Brownstone neighborhoods of Brooklyn Heights, Cobble Hill and Carroll Gardens.
Tags:
Brokerage
MORE FROM Brokerage
NYSCAR June 2026 president’s message - by Mercedes Brien
As I write this letter, we are preparing to be at the Annual Conference being held at the Rivers Casino, Schenectady, New York. I look forward to reporting on the conference in my next letter. We have some great courses coming up via Zoom. Please be sure to keep watch on upcoming courses by visiting nyscar.org/resources and tools/professional development.
Quick Hits
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced