Ariel Property Advisors has arranged the sale of four Brooklyn properties in Bay Ridge, Park Slope, Brooklyn Heights and Crown Heights totaling more than $16 million.
- Bay Ridge. A 27,548-square-foot, fully-stabilized 35-unit multifamily building at 571 Ovington Avenue sold for $5.7 million, which translates to a 5.4% cap rate. The four-story property features a residential mix of four studios, 30 one-bedroom apartments and one, three-bedroom apartment. The sale was executed by an Ariel team including Stephen Vorvolakos, Director, Investment Sales; Sean R. Kelly Esq., Partner; and Lawrence Sarn, Director, Investment Sales.
- Park Slope. An 8,225-square-foot walk-up building at 311 6th Avenue sold for $5.5 million, or $836/SF, with a 4.8% cap rate. The property consists of eight free-market residential units with seven two-bedroom units and a three-bedroom unit. An Ariel team including Benjamin Vago, Director, Investment Sales; Sean R. Kelly Esq., Partner; and Stephen Vorvolakos, Director, Investment Sales, arranged the transaction.
- Brooklyn Heights. A 2,921-square-foot retail condo at 70 Schermerhorn Street sold for $2.85 million. The condominium is leased to Peachy NYC, a skin care studio, and located on the ground floor of a brand new 60-unit luxury condominium called The Symon. An Ariel team including Sean R. Kelly Esq., Partner; Stephen Vorvolakos, Director, Investment Sales; and Lawrence Sarn, Director, Investment Sales, arranged the sale.
- Crown Heights. A mixed-use corner property at 629 Classon Avenue sold for $2.13 million. The four-story, 4,620-square-foot building includes three units–one commercial unit, a four-bedroom duplex and a two-bedroom apartment. The sale was arranged by Investment Sales Directors Dov Chein and Benjamin Vago.
