Ariel Property Advisors completes $6 million sale, Halstead Properties assists; Ariel also sells five brooklyn properties for $4.115 million

Ariel Property Advisors has completed the sale of a five-story, 24-unit, mixed-use building at 172-174 East 106th St. in East Harlem for $6 million. The sale price translates to $340 per s/f and 11 times the gross rent, a testament to the building's new renovations, in-place cash flow, and appreciating rental market. The property attracted many bids from both local and international investors. In addition to Michael Tortorici, vice president of Ariel, sales agents Victor Sozio, Daniel Tropp, and Jesse Deutch represented the seller, a private operator, and Jeffrey Tanenbaum, of Halstead Property, represented the buyers, a family of private investors. "Most Upper Manhattan buildings trade at lower levels as value-added opportunities, but 172-174 East 106th St. saw a pricing premium because it was the perfect investment for a long-term buy and hold operator," said Tortorici. The 21,500 s/f building was fully renovated in recent years and features a mix of 22 free market studio, one-bedroom, and two-bedroom apartments. In addition, two retail units are housed on the ground floor of the 50-ft. wide structure--Sweet Jane's restaurant and a florist. Ariel also completed the sale of five properties in Brooklyn totaling $4.115 million. * A two-story property at 5721 6th Ave. in Sunset Park sold for $3 million. The sellers had operated a school in the renovated building, which is 15,038 s/f and was delivered vacant. Sales agents Jonathan Berman, Sozio, Tortorici, and Tropp represented the seller. The buyer was a private investor. * Three vacant lots at 143-45 Park Ave. and 44 Carlton Ave. in Fort Greene sold for $690,000. The properties feature 43 ft. of frontage on Park Ave., 25 ft. of frontage on Carlton Ave., and 11,446 buildable s/f. Berman, Tortorici, and Tropp represented the seller, a private investor. The buyer was an owner/user with plans to build a warehouse on the site. * A building located at 142 Watkins St. in Brownsville sold for $425,000. The two-story structure contains 7,830 s/f. Sales agents Berman, Sozio, Tortorici, and Tropp represented the seller, a church. The buyer was a private investor that plans to continue to operate the property as a church.