NEW YORK, NY – May 10, 2024 – Ariel Property Advisors (Ariel) has arranged five transactions totaling over $14 million across Queens, the Bronx, Manhattan and Brooklyn, including the sale of three development sites, air rights and a multifamily property.

Details for the transactions include:

      •  60-14 Beach Channel Drive sold for $7,750,000 ($104/BSF): This development site in Far Rockaway, Queens, features an advantageous 421a tax incentive and spans 74,000 square feet of buildable space. The property offers a prime opportunity to build a residential or mixed-use project on the property. The site is conveniently located near several major transportation alternatives including the A subway line as well as the Rockaway Freeway, providing quick and easy access to the rest of the five boroughs. An Ariel team led by Senior Director Jason Gold and Associate Director Gabriel Elyaszadeh represented the seller.

      •  860 E 147th Street sold for $2,700,000 ($62/BSF):: This vacant lot in the Mott Haven section of the Bronx offers 43,614 buildable square feet for new residential or commercial development on East 147th Street and Timpson Place. Located with convenient access to public transportation, including the 6 train at East 149th Street, 860 E 147th Street is also in close proximity to Interstate 287 providing quick and easy access to the rest of the five boroughs and the tri-state area. Director Daniel Mahfar, Senior Director Jason Gold, and Founding Partner Victor Sozio represented the seller.

      •  38-46 W 33rd Street inclusionary air rights sold for $1,845,000 ($205/BSF):The inclusionary air rights within Community Board 5 offer 9,000 BSF for development in prime Midtown Manhattan, an area where there is a demand for development sites suitable for condo projects. Director Howard Raber arranged the sale.

      •  35-04 28th Street sold for $1,235,000 ($509/SF): This 2,425-square-foot, three-family building in Astoria, Queens includes two garages and two parking spaces. Surrounded by national and local retailers, the property is blocks from the N and W train stop on 36th Avenue. Director Alexander Taic and Founding Partner Michael A. Tortorici represented the seller. Sheetal Suryawanshi of Lot & Units Realty Inc. co-brokered the deal.

      •  199 34th Street sold for $900,000 ($180/BSF): This 25' x 100.17' vacant lot in an Opportunity Zone in the Greenwood Heights section of Brooklyn offers 5,009 buildable square feet for development and R6B zoning. The property is a short walk to the 36th Street D/N/R train station, five blocks from the 39th Street entrance to the Gowanus Expressway and is near Industry City and Liberty View Industrial Plaza. Partner Sean R. Kelly, Esq. and Director Stephen Vorvolakos arranged the transaction.

NOTE: For more information about the New York City investment sales market, please refer to Ariel’s latest research reports covering the New York City investment sales market: Ariel Property Advisors’ Q1 2024 Multifamily Quarter In Review New York City, Manhattan 2023 Year-End Commercial Real Estate Trends report, Brooklyn 2023 Commercial Real Estate Trends report, Bronx 2023 Commercial Real Estate Trends report, Queens 2023 Commercial Real Estate Trends report and Northern Manhattan 2023 Commercial Real Estate Trends report.