Ariel Property Advisors (Ariel) has announced the sale of a mixed-use multifamily property at 32 Avenue A between East 2nd and East 3rd streets in the heart of the East Village of Manhattan. The property traded for $3.78 million, which translates to $803 per square foot.
An Ariel team led by Founding Partners Victor Sozio and Michael A. Tortorici, Director Howard Raber, and Associate Conor Johnston, arranged the transaction on behalf of the seller.
The 4,708-square-foot, four-story, mixed-use building includes a commercial unit on the ground floor and three recently renovated free market, three-bedroom units above.
“The East Village continues to be one of the most dynamic, ‘live-work-play’ neighborhoods in the city,” Tortorici said. “With stable cash flow and long-term upside, 32 Avenue A attracted exceptionally strong interest and pricing in these volatile times. The Ariel team was pleased to work on a deal that was beneficial for both sides.”
Ideally located in the East Village, 32 Avenue A is steps from Tompkins Square Park and has multiple retail, dining, and nightlife options. The property is also blocks from the FDR Drive and multiple subway lines and public transportation alternatives, providing quick and easy access to the rest of the city and the Tri-State area.
About Ariel Property Advisors
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry. arielpa.nyc
