NEW YORK, NY – March 3, 2016 – Ariel Property Advisors has arranged the $3,000,000 sale of 273 Lenox Avenue, which is located one block south from the highly anticipated Whole Foods in Central Harlem. This four-story mixed-use building commanded a sizeable price of $811 per square foot, which is 183% higher than the average cost of $444 per square foot for mixed-use walk-up buildings in this neighborhood.

Exclusive agents Jesse Deutch, Victor Sozio, Josh Berkowitz, Matthew Gillis and Josh Kwilecki represented the seller, a private investor and POG Real Estate Inc. procured the buyer, also a private investor.

In 2014, the previous owner significantly enhanced the property’s value by gut rehabilitating the building and incorporating state of the art upgrades such as energy efficiency components, high end finishes and modernized appliances.

“The sale of 273 Lenox Avenue demonstrates the premium pricing investors are willing to pay for assets near 125th Street’s most significant projects, especially Whole Foods which is only one block north,” said Jesse Deutch, Vice President, Ariel Property Advisors.

273 Lenox Avenue is located on the west side of Lenox Avenue between West 123rd Street and West 124th Street and contains two residential units and two commercial spaces. The 2 and 3 subway is a block away, allowing commuters quick access to downtown Manhattan and the outer boroughs.

Located just several blocks from the 1/2/3 subway lines at Lenox Avenue and 125th Street and the B/C subway lines at Frederick Douglas Blvd and 116th Street, the portfolio enjoys easy access throughout Manhattan and locations within the outer boroughs.

The property is steps away from the 125th Street corridor, which is host to several new developments and shopping destinations. It is also centrally located between several parks, including Morningside Park, Marcus Garvey Park and Central Park North.