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

Reprint

Previous Story Next Story

Marcus & Millichap brokers $2.8 million sale of free-market mixed-use property in Brooklyn

Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.

Investment Property Realty Group’s Team Friedman brokers seven Bronx closings totaling $12.07 million

IPRG’s Team Friedman brokers 7 Bronx closings totaling $12.07m

Highcap Group sells Astoria 17 unit elevatored apartment building

OPEN Impact R.E. helps Coney Island Prep. secure 39-year leasehold condominium for new 45,190 s/f high school

OPEN Impact helps Coney Island Prep. secure leasehold condo. for new high school

New York restaurant group acquires Upper West Side retail co-op for $4.135 million in deal arranged by Lee & Associates NYC

N.Y. restaurant group acquires Upper West Side retail co-op for $4.135m in deal arranged by Lee & Associates NYC

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Owners Developers & Managers

How property reserves work in a Delaware Statutory Trust (DST) - A practical comparison to direct real estate ownership - by Dwight Kay

Columns and Thought Leadership

Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt

Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.

A guide to finding the right NYC property management company - by Sanjay Gandhi

Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional

Positive forecast for New York’s pro-housing push? - by Philip Butler

New York’s housing crisis remains a hot button topic despite growing consensus that varied and affordable housing is desperately needed statewide. Governor Hochul has recently introduced several initiatives to overcome N.Y.’s anti-housing