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Deals & Dealmakers

Two Lower East Side Multifamily Properties Trade for $24.8 Million

Ariel Property Advisors and Cushman & Wakefield announced the sale of two multifamily properties on the Lower East Side of Manhattan for a total of $24.8 million. The two properties include:

● A six-story, 22,500-square-foot multifamily elevator building at 153 Norfolk Street between Stanton Street and Rivington Street sold for $16 million. The recently upgraded property includes 47 apartments consisting of 27 one-bedroom units, four two-bedroom units, and 16 flex two-bedroom units.

● A six-story mixed-use walk-up building at 109 Ludlow Street between Delancey Street and Rivington Street sold for $8.8 million. The property spans 16,812 square feet above grade, and contains 26 units, including 24 apartments and two retail units. The apartment mix includes nine one-bedroom units, 14 two-bedroom units, and one three-bedroom unit. One of the retail units is a vacant multi-level restaurant, bar, and lounge space in turn-key condition.

For both transactions, Ariel Property Advisors’ Michael A. Tortorici, Founding Partner and Shimon Shkury, President and Founder, arranged the sale on behalf of the buyer and Cushman & Wakefield’s Michael DeCheser, Senior Managing Director, and Bryan Hurley, Associate Director, represented the seller.

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