NEW YORK, NY – October 3, 2019 – Ariel Property Advisors has been exclusively retained to sell the HP Plaza Portfolio, a package of 9 walk-up buildings in the prime Northern Manhattan neighborhood of Central Harlem. The asking price for the 120-unit property is $24 million, equating to $225 per square foot and $200,000 per unit.
The portfolio, which encompasses 106,799 gross square feet, contains 116 residential units, 3 retail units and 1 super’s apartment. The residential units are comprised of 17 studios, 29 one-bedroom units, 62 two-bedroom units, and 9 three-bedroom units.
Exclusive agents Victor Sozio, Shimon Shkury, Michael A. Tortorici, Orry Michael and Matthew Lev are representing the seller.
The properties also benefit from their proximity to numerous transportation options, with the 3 subway line just one block east and the A, B, C, and D subway lines are a short walk away. A bevy of cultural and academic institutions are also nearby, including City College of New York, The National Dance Academy, Frederick Douglass Academy, and Jackie Robinson Park.
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.
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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.