Ariel Property Advisors and C&W sell two multifamily properties for $24.8 million

Manhattan, NY Ariel Property Advisors and Cushman & Wakefield brokered the sale of two multifamily properties on the Lower East Side for a total of $24.8 million. 

The two properties include:

• A six-story, 22,500 s/f multifamily elevator building at 153 Norfolk St. between Stanton St. and Rivington St. 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 St. between Delancey St. and Rivington St. sold for $8.8 million. The property spans 16,812 s/f 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 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.