Ariel secures sale of 28-unit residential condo for $25.9 million

Ariel Property Advisors arranged the sale of a five-story, multi-unit residential condominium at 47-53 3rd Ave. in the East Village for $25.9 million. Exclusive agents Victor Sozio, Shimon Shkury, Jesse Deutch, Randy Modell, and Howard Raber, Esq. represented the seller, a real estate investment group, and procured the buyer, Slate Property Group. The property, which was delivered vacant, is located on the northeast corner of 3rd Ave. and East 10th Sts. and was previously occupied by an educational institution on a NNN lease basis. Constructed in 2007, the 30,662 s/f building contains 28 residential units, of which 22 are two-bedroom apartments and six are one-bedroom units. Amenities include a recreational room, large outdoor terrace, laundry room, and a concierge desk. "It's rare for a newly constructed building in such a prime New York City location to be delivered vacant," said Sozio, vice president of Ariel. "As a result, the property attracted an enormous amount of interest from operators of condos, rentals, schools, and hotels." Located in the heart of the vibrant East Village, 47-53 3rd Avenue is surrounded by some of New York City's top restaurant, entertainment, and nightlife destinations, which attract patrons from local institutions such as New York University, Parson's The New School for Design, and The School of Visual Arts. The building is walking distance to a number of subway lines, including the 4, 5, 6, N, Q, R, and L lines at the Union Square Subway Station on East 14th Street, providing one of the most convenient transportation locations in Manhattan and allowing easy access to all uptown, crosstown, and outer borough destinations.