NEW YORK, NY – January 11, 2016 – Ariel Property Advisors has arranged the $7,000,000 sale of 1655 Madison Avenue, a 50’ wide vacant lot situated in Manhattan’s East Harlem neighborhood. Setting new records, the site commanded $391 per buildable square foot – the largest price for developable land in this neighborhood.

The exclusive sales team of Victor Sozio, Shimon Shkury, Michael A. Tortorici, Matthew Gillis and Josh Berkowitz represented the seller, a private investor. Michelle Abramov from Highcap Group represented the buyers, a private group of international investors.

“The substantial jump in 1655 Madison Avenue’s price per square foot underscores the increasing demand for real estate development throughout Upper Manhattan – particularly in East Harlem,” said Victor Sozio, Executive Vice President, Ariel Property Advisors. “This site’s value has more than tripled since its previous 2013 purchase for $2,200,000 due to its desirable proximity to Central Park and the East River Plaza coupled with a wave of new condominium developments in this popular neighborhood.”

The site is zoned R7-2 / C1-5, which provides approximately 17,887 buildable square feet (as-of-right) for mixed-use development or 24,375 buildable square feet with the inclusion of a community facility bonus.

1655 Madison Avenue is conveniently located between East 110th Street and East 111th Street, near the Lexington Avenue 6 subway, which offers easy access throughout Manhattan and the outer boroughs.