News:
Brokerage
Posted: May 30, 2023
Ariel Property Advisors sells nine-unit
5,483 s/f multifamily for $4.75 million
Brooklyn, NY Ariel Property Advisors (Ariel) has sold a five-story, 5,483 s/f multifamily building at 170 Clinton St. in Brooklyn Heights for $4.75 million.
An Ariel team led by partner Sean Kelly, Esq., who was joined by director Stephen Vorvolakos, associate director Nicole Daniggelis, and associate Julian Montilus, represented the seller.
The nine-unit multifamily property consists of eight one-bedroom units and one two-bedroom, floor-through apartment on the second floor. Two of the units offer backyard access. Delivered vacant, the building is poised for conversion into condominiums by its new owner.
“Our team’s expertise in the multifamily market of Brooklyn Heights proved invaluable in quickly identifying the right pool of prospective buyers,” said Kelly. “Through collaboration with a knowledgeable cooperating broker, we were able to connect with a qualified buyer who offered a premium price of approximately 10% above market value.”
170 Clinton St. is located in the historic Brooklyn Heights neighborhood and near multiple retail and dining options including Trader Joe’s, Barnes & Noble, Urban Outfitters, and Walgreens as well as Dos Toros, Paris Baguette, Joe Coffee, Shake Shack, and Chipotle. The building is also a few blocks away from the Brooklyn Bridge as well as from the Court St. N/R/W train station and Borough Hall 2/3/4/5 train station, providing access to Manhattan.
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