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Deals & Dealmakers

Ariel Property Advisors closes $13 million in sales across Three Properties in New York City

Ariel Property Advisors has arranged the sale of three properties
totaling $12.9 million located in Brooklyn and Northern Manhattan.

A vacant two-story commercial building comprising three commercial units spanning
11,009 SF at 222-226 West 145th Street sold for $5.05 million, or $460/SF. The property
offers 14,970 SF of air rights and 65 feet of frontage along a well-traveled commercial
corridor on the south side of West 145th Street between Adam Clayton Powell Jr. and
Frederick Douglass Boulevards in Central Harlem. Situated within an Opportunity Zone,
222-226 West 145 th Street is near City College of New York, Columbia University’s
Manhattanville campus, Jackie Robinson Park and other local green and outdoor spaces.
The transaction was brokered by an Ariel team including Jason M. Gold, Director,
Investment Sales; Michael A. Tortorici, Founding Partner; and James Nestor, Associate
Director, Investment Sales.

An 18,150 SF, four-story, 21-unit mixed-use building at 649 Argyle Road in the Ditmas
Park neighborhood of Brooklyn sold for $4.75 million. Located on the northeast corner of
Argyle Road and Foster Avenue, the property consists of 12 rent-stabilized units, seven
free market residential units and two commercial units. The area is well-served by public
transportation with easy access to the B and Q subway lines and nearby bus routes.
The transaction was brokered by an Ariel team including Lawrence Sarn, Director,
Investment Sales; Victor Sozio, Founding Partner; and Shimon Shkury, President and

A vacant three-story, 7,638 SF warehouse/flex office building at 11 Herkimer Place in
the Bedford-Stuyvesant neighborhood of Brooklyn sold for $3.1 million, or $406/SF. The
transaction represents the highest price per square foot for an office building in the
Bedford-Stuyvesant area since 2018. The elevator building consists of two floors of newly
constructed office space with terraces and a roof deck above an existing renovated
garage warehouse space. Located off Atlantic Avenue between Bedford and Nostrand
Avenues, 11 Herkimer Place boasts a brick façade and includes windows roughly nine
feet tall to allow natural light into the 3,600 SF open office space.
The transaction was brokered by an Ariel team including Dov Chein, Director, Investment
Sales, and Sean R. Kelly, Partner.

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