The Real Deal New York

Sterling Town Equities buys Boerum Hill property for $28M

Company purchased two-story building from multiple Greek families
By Eddie Small | July 13, 2018 01:07PM

542 Atlantic Avenue (Credit: Google Maps)

Sterling Town Equities has purchased a two-story commercial building in Boerum Hill for $28 million.

The company, run by Yossi Ariel, bought 542 Atlantic Avenue from a group of several Greek families who have owned the building since at least 2016, according to property records. It received a $15 million mortgage on the building from Israeli institution Bank Hapoalim.

Ariel did not respond to a request for comment. His company also owns 1007 Atlantic Avenue in Clinton Hill.

Avery Hall Investments filed plans for a 21-story, 122-unit residential tower nearby at One Boerum Place in May. Last year, major purchases in the neighborhood included Hidrock Properties buying 96-110 Boerum Place for $30.5 million and Adam America paying $36 million for 24 Fourth Avenue.