NEW YORK, NY – August 26, 2025 – Reinforcing its position as the dominant brokerage for development sites in Northern Manhattan, Ariel Property Advisors (Ariel) has announced the sale of a 55,000 BSF development site at 7-11 East 115th Street in East Harlem for $8.9 million. The final price of $163/BSF reflects an easement for 19 parking spaces required for an adjacent property.
This deal is the latest in a series of development sales that have propelled Ariel to a commanding 46% market share by dollar volume and a 36% share by transaction volume in the Northern Manhattan development sector so far this year.
An Ariel team comprised of President and Founder Shimon Shkury, Founding Partner Victor Sozio, Director Alexander Taic, Founding Partner Michael A. Tortorici, and Sales Associate Erik Moloney, represented the seller of 7-11 East 115th Street, Albert Rabizadeh of Global Asset Management, Inc. The buyer, Bardhok Kodra of Kodra Construction, was represented by Hillstone Properties NY.
"Ariel has remained very active in the Northern Manhattan development sector this year, and our market share is a testament to our team's deep understanding of the landscape and our ability to execute for our clients," said Sozio. “Given the city and state’s pro-housing policies and tax abatements, we are anticipating increased activity for the remainder of the year."
Northern Manhattan’s development momentum is being spurred by government initiatives like the City of Yes and the 485-x tax incentive program, which are encouraging new development, according to Ariel’s Northern Manhattan 2025 Mid-Year Commercial Real Estate Trends report.
The site at 7-11 East 115th Street is ideally located, featuring 135 feet of frontage along 115th Street and flexible zoning allowing for 68,000 BSF under the City of Yes’ Universal Affordability Preference (UAP) and 88,000 BSF with a community facility bonus.
Taic added, “The sale of 7-11 East 115th Street marks the fifth development site for a total of 184,000 BSF that Ariel has sold in Northern Manhattan so far this year. We also have nine additional development sites totaling close to 200,000 BSF in contract and on the market, which underscores the robust pipeline we've built."
Ariel's market leadership was highlighted by one of the most significant Northern Manhattan development transactions in the first half of the year: the $17.25 million ($193/BSF) sale of 157-181 East 108th Street. A private school acquired this property with plans to build a 64,000-square-foot athletic facility.
In addition to Director Alexander Taic, Senior Director Sam Schertz and Associate Director Drew McWilliams round out Ariel’s Northern Manhattan Investment Sales team.
NOTE: For more information about the Northern Manhattan investment sales market, please refer to Ariel Property Advisors’ Northern Manhattan 2025 Mid-Year Commercial Real Estate Trends report.
