NEW YORK, NY – November 8, 2022 – Ariel Property Advisors has arranged the sale of a five-story multifamily building at 302 West 114th Street in Central Harlem for $4.93 million. The 8,915 square-foot walk-up includes 20 spacious apartments.
302 West 114th Street
Ariel’s Founding Partner Michael Tortorici, Associate Director James Nestor and Director Mark Anderson, both in Investment Sales, executed the acquisition. Jeff Tanenbaum of Brown Harris Stevens served as the buyer’s broker.
“This turn-key property presented a prime multifamily investment opportunity with tremendous cash flow,” Tortorici said. “The building also offers the opportunity to capitalize on an additional 1,581 square feet of air rights for future development.”
The building includes 17 one-bedroom apartments, two two-bedrooms and one duplex. Of the 20 apartments, 14 are renovated units with upgraded electric service and individual heating systems, stainless steel appliances, in-unit washer/dryers, and updated kitchens and bathrooms.
The property is conveniently situated a block from Morningside Park and within walking distance to Central Park as well as several institutions, eateries, and attractions such as Columbia University and Riverbank State Park. The A, B, and C subway trains are located just two blocks north of the property at 116th Street and Frederick Douglass Boulevard.
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.