Ariel Property Advisors Completes $6.2 Million Sale of Staten Island Industrial Property

Ariel Property Advisors has arranged the sale of a 36,602 square foot industrial warehouse at 572 Richmond Terrace in Staten Island, NY, for $6.225 million, which equates to $170/SF.

The sale was organized by an Ariel team including Sean R. Kelly, partner; and Stephen Vorvolakos, Director, Investment Sales. The seller in the transaction was Zenith Industrial Chemicals and the buyer was Zion Judaica.

“As demand for industrial, factory, warehouse and outdoor storage space continues to rise, price metrics in markets like Brooklyn have increased more than 50%, prompting investors and homeowners- users to look elsewhere,” Kelly said. “Staten Island has become an attractive alternative market for those seeking well-located properties at affordable prices.”

The one-story industrial warehouse is zoned M3-1 and consists of five loading bays, a ceiling height of approximately 24 feet, and horizontal column spacing of 38 feet and 55 feet. Located on the North Shore section of Staten Island along the Saint George waterfront, the industrial building provides easy access to Brooklyn, the outer boroughs, and New Jersey via the Verrazano Bridge, Bayonne Bridge, and Goethals Bridge. Plus, it’s close to the Staten Island Ferry.

The property has recently undergone extensive renovations including the installation of new gas heating units, LED lighting, exterior and interior upgrades and roof repairs.

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