NEW YORK, NY – November 3, 2011 – Ariel Property Advisors has announced the closing of a development site at 446-48 West 167th Street in Washington Heights for $1.673 million.
Victor Sozio, Michael Tortorici, and Shimon Shkury brokered the sale for Ariel Property Advisors. The seller is the father and son team of Bijan & Danny Nassi of BDN NY Management, and the buyer is HAP Investments.
The 6,600 square foot vacant lot has approximately 26,089 buildable square feet for as-of-right residential use.
“The sale of this site speaks to the renewed interest in residential development in Upper Manhattan,” said Mr. Sozio, vice president of Ariel Property Advisors. “This is the 10th development property Ariel Property Advisors has put into contract in Upper Manhattan since the beginning of 2011, and our firm has evaluated development sites in the area with more than 1 million buildable square feet during the same period.”
More information is available from Mr. Sozio at 212.544.9500 ext.12 or via email at vsozio@arielpa.com, Michael Tortorici, 212-544-9500 ext.13, mtortorici@arielpa.com, or Shimon Shkury at 212-544-9500, ext. 11, or sshkury@arielpa.com.
