NEW YORK, NY – January 12, 2016 – Ariel Property Advisors has sold a development property located at 515 East 86th Street on the Upper East Side. The 22’ wide development site, which is part of an assemblage, is located on the north side of East 86th Street between York Avenue and East End Avenue. The property sold for $11,200,000.

Exclusive Agents Victor Sozio, Howard Raber, Shimon Shkury, Randy Modell, and Jesse Deutch represented the seller and procured the buyer, both private investors.

Located in a R10A with a 10.0 FAR, 515 East 86th Street has approximately 22,150 buildable square feet (as-of-right) for a rental or condominium development. A 6,060 square foot, four-story vacant building currently sits on the lot.

“New ownership strategically positioned themselves to take advantage of the increasingly strong demand for housing, close proximity to a busy retail corridor, and the imminent arrival of the 2nd Avenue subway station.” said Victor Sozio, Executive Vice President of Ariel Property Advisors.

Situated just two avenue blocks from the corner of Second Avenue and 86th Street, the site stands to benefit tremendously from the future arrival of the Second Avenue Subway. The area is currently served by the 4,5,6 train on Lexington Avenue, the East 90th Street Ferry, and the nearby FDR Drive. Residents are able to take advantage of nearby shopping and recreational activities at The Fairway Market and 92nd Street Y. The area is also distinguished by its abundance of prestigious schools such as The Brearley School, The Chapin School, and The Dalton School.