Ariel Property Advisors announced the sale of three commercial properties located on the same block on Varet Street in Williamsburg, Brooklyn. The properties, each zoned for industrial usage, were sold in separate transactions for a total of $7.255 million.
An Ariel team comprised of Sean R. Kelly, Partner, and Benjamin Vago, Director, represented three different sellers in the transactions. The properties were purchased by three separate owner-user buyers and include the following:
- 201 Varet Street: A 5,200-square foot paved surface parking lot site sold for $2 million. The seller in the transaction was the Tuzzolo family.
- 193-199 Varet Street: A 3,783-square-foot, two-story industrial building with a 7,500-square-foot vacant lot sold for $3.255 million. The seller in the transaction was the Armel family.
- 187 Varet Street: A covered garage and land on two lots totaling 7,500-square-foot sold as a development site for $2 million.
“Located at the nexus between Williamsburg and Bushwick, Varet Street offers easy access to the other boroughs making it a sought after location for all types of industrial users,” adds Mr. Vago.
For more information about the Brooklyn investment sales market, please refer to Ariel’s latest research reports including Ariel Property Advisors’ Brooklyn 2024 Mid-Year Commercial Real Estate Trends report and Q3 2024 Multifamily Quarter In Review New York City.
About Ariel Property Advisors
Ariel Property Advisors is a New York City-based commercial real estate services and advisory company offering expertise in three core areas: Investment Sales, Capital Services and Research & Advisory. Our Investment Sales Group specializes in all major commercial asset types throughout the New York metropolitan area, the Capital Services Group provides clients nationwide with custom-tailored financing solutions and the Research & Advisory team delivers timely market reports, empowering both our professionals and clients. Additionally, our recent strategic partnership with GREA (Global Real Estate Advisors), a nationwide network of independent real estate investment services companies, further expands our reach and capabilities. To learn more, please visit us at arielpa.nyc.
