News:
Brokerage
Posted: April 4, 2017
Tortorici, Berman, Tropp and McGee of Ariel Property Advisors sell 8,952 s/f building in Brooklyn's Prospect Heights
Michael Tortorici, Ariel Property Advisors
Jonathan Berman, Ariel Property Advisors
Daniel Tropp, Ariel Property Advisors
Brooklyn, NY Ariel Property Advisors has completed the sale of 677 Vanderbilt Ave., a vacant residential building in the Prospect Heights neighborhood. The four-story property was sold for $6.3 million.
Spanning 8,952 s/f, the property was delivered vacant, which presents the buyer with a prime residential conversion opportunity. It is located between Sterling and Park Place, near Grand Army Plaza and Prospect Park.
Exclusive agents Michael Tortorici, Jonathan Berman, Daniel Tropp, and Alexander McGee represented the seller, a private owner, and procured the buyer, a private investor.
In addition, R7A zoning provides 3,048 s/f of air rights (as-of-right), however, utilization requires approval from the Landmark’s Preservation Commission since it is located in the Prospect Heights Historic District.
The property is near to some of borough’s most popular cultural destinations, such as the Brooklyn Museum, the Brooklyn Library, and the Brooklyn Botanical Gardens. The building is also near the 2, 3, B and Q subway lines.
677 Vanderbilt Avenue - Brooklyn, NYAriel 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.
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $16.25 million sale of Ponce Bank flagship headquarters in the Bronx
Bronx, NY Marcus & Millichap negotiated the sale of a net-leased bank property occupied by Ponce Bank. The asset sold for $16.25 million. “This property drew tremendous interest as it was a
Columns and Thought Leadership
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,
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 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
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.