News:
Brokerage
Posted: June 28, 2022
Ariel Property Advisors arranges sale of mixed use building for $9.85 million
New York, NY Ariel Property Advisors has arranged the sale of a corner mixed-use building totaling 24,316 s/f at 101-109 East Burnside Ave. and 2054-2056 Morris Ave. for $9.85 million, or $405 per s/f.
The property was sold by an Ariel team including Investment Sales director Jason Gold, founding partner Victor Sozio and director Daniel Mahfar. The seller in the transaction was the Vanbarton Group.
The three-story building consists of five free market residential units, seven commercial units, including anchor tenant T-Mobile and a regional pharmacy, and 10,600 s/f of vacant office/community service space on the second and third floors. It also offers 53,000 s/f of air rights and ICIP tax exemptions through 2037.
“This property was highly desirable because it presented an extremely rare opportunity to acquire a corner mixed-use building with free market apartments, vacant space offering tremendous upside and 100 feet of retail frontage on an extremely busy commercial corridor,” Gold said.
Tags:
Brokerage
MORE FROM Brokerage
The Malin signs long-term lease for entire floor at GFP Real Estate’s 10 Astor Place
Manhattan, NY GFP Real Estate said thatThe Malin, a hospitality-driven workspace operator, has signed a long-term lease for the entire fifth floor at 10
Columns and Thought Leadership
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
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,
