NEW YORK, NY – January 5, 2016 – Ariel Property Advisors announced today the $8,000,000 sale of 701 West 135th Street, a two-story commercial building located in Manhattan’s West Harlem neighborhood.

Exclusive agents Victor Sozio, Shimon Shkury, Michael A. Tortorici and Josh Berkowitz represented the seller, a private investor and procured the buyer, Castellan Real Estate Partners.

Spanning 19,186 square feet, the building is located on the northwest corner of West 135th Street and 12th Avenue and contains three commercial units, two, of which are occupied. To encourage the development of residential and commercial buildings, the City of New York has offered tax exemptions which will benefit buildings such as 701 West 135th Street.

“With Columbia University’s recent expansion project just one block south of the property, West Harlem is seeing an influx of retailers, research and community facilities,” said Victor Sozio, Executive Vice President who led the transaction on behalf of the Ariel team. “Given that projections anticipate Columbia’s new development to generate thousands of jobs and attract over $11 billion to the local economy, we hope to see more West Harlem-based transactions in 2016.”

The 1 train is in short walking distance at West 137th Street and Broadway, allowing commuters easy access to downtown Manhattan and the outer boroughs.