Sozio, Tropp, Berman and Spinelli of Ariel handle $2.5 million mixed-use sale

Brooklyn, NY Ariel Property Advisors has closed the sale of 117 Wilson Ave., a three-story mixed-use building in Bushwick. The property sold for $2.5 million, which translates to $606 per s/f, a value well above the area’s average price per s/f of $373.

Located between Willoughby and Starr Sts., the property is a recently gut-renovated 25’ wide building that contains 4,125 s/f and has four occupied units. The unit mix consists of three residential units and one store that has a lease expiring in 2020.

Exclusive agents Victor Sozio, Daniel Tropp, Jonathan Berman, and Mark Spinelli represented the seller, a private investor.

“117 Wilson Ave. offers investors a stable return along with long-term upside in both the retail and residential rents. It is also an ideal 1031 investment,” said Ariel’s vice president Tropp.

The building is a short walk to the L train at Jefferson St. as well as the M train at Central Ave. The property is a block away from Maria Hernandez Park and is close to neighborhood attractions including the Wheelhouse, Central Café, Dear Bushwick, and Morgantown.

Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s research division produces a variety of market reports that are referenced throughout the industry.