NEW YORK, NY – October 16, 2017 – Ariel Property Advisors facilitated the sale of a multifamily building and development site in the rapidly expanding neighborhood of East Harlem. The two assets, located at 405 East 117th Street and 407-409 East 117th Street, sold for a collective $4 million.
405 East 117th Street – Spanning a total of 4,750 gross square feet, the four (4) story multifamily walk-up building is located on the north side of East 117th Street, between 1st Avenue and Pleasant Avenue. The property’s seven (7) residential units are all rent stabilized. With average rents currently operating at $20 per square foot, significantly below the area’s average, the new owner benefits from immediate upside.
407-409 East 117th Street – The 32’ wide development site is also situated on the north side of East 117th Street, between 1st and Pleasant Avenue. Zoned R7B (3.0 FAR), the property permits approximately 10,092 buildable square feet (as-of-right) for residential development.
Exclusive agents Matthew L. Gillis, Michael A. Tortorici, Victor Sozio, and Howard Raber represented the owner and secured the buyer.
“East Harlem is one of Northern Manhattan’s most promising neighborhoods, with investors drawn to its realized growth and potential of more to come,” said Matthew L. Gillis, Director at Ariel Property Advisors. “With its massive infrastructure improvements, rapidly progressing rezoning, and major development projects underway, assets in this evolving neighborhood are all but guaranteed to increase in value.”
Notable developments include the revitalized Corn Exchange on East 125th Street, the Durst Organization’s 1800 Park Avenue development, and the recently announced “Sandero Verde,” a 751,000 square foot, mixed-use project to be built at East 111th Street and Park Avenue.
Other local attractions include the East River Shopping Plaza, the Harlem Meer, Central Park, Marcus Garvey Park, and Mt. Sinai Hospital. The property also enjoys easy access to lower Manhattan and outer borough locations via the 6 subway train just three blocks west at Lexington Avenue and East 116th Street.
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.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via email@example.com
Click on the titles below to browse through recent Ariel Property Advisors' press releases:
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.