Commercial real estate services company Ariel Property Advisors recently announced it brokered the sale of 100 Livingston Street for $10.5 million. The 12,681-square-foot office building is located in downtown Brooklyn’s municipal district, just around the corner from Borough Hall.
The Manhattan-based company listed the four-story property in September of last year for a price of $12 million, citing its full occupancy and strong cash flow as major selling points. The building is comprised of five office units, three of which are leased by medical tenants.
Initially built in 1926, the property benefits from its central location. The Long Island Rail Road service—as well as 13 subway lines—are all within walking distance, ensuring the property is well-connected to the rest of New York City. The Barclays Center arena and the storefronts of Court Street are also conveniently nearby.
Ariel Property Advisors team members Sean Kelly, David Khukhashvili and Jiani Zhou represented the seller, real estate company ACHS Management. They also procured 100 Livingston Street’s new owner, Ecorise Development.
Ariel Property Advisors specializes in commercial, industrial, multifamily and mixed-use properties in the New York metropolitan area. Despite being a real estate advisory company, Ariel Property Advisors is structured more like an investment bank, with separate divisions handling research, capital services and investment sales.
This is the second major real estate move in Brooklyn’s downtown this month. Earlier in February, the Whittle School leased 620,000 square feet of office space at the Wheeler complex; the property—developed and owned by Tishman Speyer—is just a few hundred feet away from 100 Livingston Street.