Zimmermann of Barcel Grp. handles $5.11 million sale of six-story walk-up

The Barcel Group has brokered the sale of 85-87 Pitt St. on the Lower East Side. The property is located between Stanton and Rivington Sts. The 50' wide, six-story walk-up building with 21 apartments and three stores sold for $5.11 million. Bart Zimmermann, president of the Barcel Group represented both the buyers and sellers in this transaction. Zimmermann said, "As the Lower East Side continues to grow in popularity the demand for residential and retail space expands further east and south. Several popular restaurants, bars, and shops have recently opened in the immediate vicinity. The low residential rents, coupled with the increasing demand for space in the neighborhood provide a great opportunity for the new owner to realize the upside in the property."