NEW YORK, NY – September 21, 2018 – Ariel Property Advisors has facilitated the sale of 320 East 120th Street, a multifamily townhouse in the rapidly expanding Northern Manhattan neighborhood of East Harlem. The 4-story property sold for $1.95 million.
The 19.08’ wide walk-up building, located on the south side of East 120th Street between First Avenue and Second Avenue, contains 4 floor-through units with free market status. The entire property was recently gutted and delivered vacant.
Exclusive agents Marko Agbaba, Michael A. Tortorici, Matthew L. Gillis, and Orry Michael represented the seller, Vince Todaro, a private investor; and procured the buyer, Jeff Huang, also a private investor.
“The seller created value by vacating, gutting and repositioning the asset to the market. The property experienced substantial appreciation from July 2015, when it was purchased for $853,000,” said Marko Agbaba, a Director at Ariel Property Advisors. “The new owner now has the opportunity to redevelop and customize a sizable vacant asset in a prime East Harlem location.”
Additionally, the property’s R7A zoning (4.00 FAR) provides a significant amount of air rights suitable for redevelopment.”
Several major development projects are underway in proximity of the building, including the revitalized Corn Exchange on East 125th Street, the Durst Organization’s 1800 Park Avenue, and the recently announced “Sandero Verde, “a 751,000 square foot, mixed-use project to be built at East 111th Street and Park Avenue.
The property is situated near a variety of local attractions and education centers, namely the Silberman School of Social Work at Hunter College, East River Plaza, Thomas Jefferson Park and Manhattan Center for Science and Mathematics. The building also boasts easy access to Lower Manhattan and the outer-boroughs, with the 4,5, and 6 subway lines within walking distance.
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.