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

Victor Sozio, Ariel Property Advisors

Daniel Tropp, Ariel Property Advisors

Jonathan Berman, Ariel Property Advisors

Mark Spinelli, Ariel Property Advisors

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.

117 Wilson Avenue - Brooklyn, NY