NEW YORK, NY – November 6, 2026 – Ariel Property Advisors (Ariel) announced it has arranged the $7 million sale of 224-228 East 118th Street, a development site in prime East Harlem.

The 79-foot-wide, approximately 7,980 SF parcel currently contains a vacant lot and a vacant townhouse. With additional air rights and a light and air easement from an adjacent property, the site offers approximately 45,313 BSF under standard zoning and up to approximately 54,376 BSF with the Universal Affordability Preference (UAP).

An Ariel team led by Howard Raber, Esq., Director, along with Michael A. Tortorici, Founding Partner, and Alexander Taic, Director, arranged the transaction on behalf of the seller, 118 Standard. The buyer was Joe Katz and Mark Miller of Grun Group.

“This transaction reflects renewed developer interest in well-located residential development sites, particularly properties offering scale, zoning flexibility and a clear path to development,” Raber said. “Pricing for Northern Manhattan development sites has strengthened during 2026 as buyers have competed for quality opportunities.”

The site is surrounded by recently developed rental and condominium properties and is also situated near a mix of local and national retailers along East 116th Street and Second and Third Avenues, as well as the East River Plaza shopping center.

Additionally, the site benefits from convenient access to public transportation, including the 6 train at East 116th Street and the 4 and 5 trains at East 125th Street. The planned Second Avenue Q train extension, which is expected to include a station entrance at East 116th Street, would further enhance the area's transit connectivity.

NOTE: For more information about the Northern Manhattan Investment sales market, please see Ariel Property Advisors’ Northern Manhattan 2026 Mid-Year Commercial Real Estate Trends report.