NEW YORK, NY – October 4, 2016 – Ariel Property Advisors announced the sale of 773-783 East 169th Street, a 20-unit mixed-use assemblage located on the north side of East 169th Street between Union Avenue and Boston Road in the Morrisania section of The Bronx. It sold for $3.85 million, which represents $268 per square foot.

Of the property’s 20 units, there are 4 retail and 16 residential units. The residential consist of one (1) three-bedroom, nine (9) one-bedroom, six (6) two-bedroom, and apartments. The commercial portion of the property contains 7,700 square feet of rentable retail space.

Exclusive agents Jason M. Gold, Scot Hirschfield, Marko Agbaba, and Victor Sozio represented the seller, a private investor, and procured the buyer.

“New ownership will immediately benefit from positive cash flow and the significant presence in the retail, which has 125’ of frontage,” said Jason M. Gold, Vice President at Ariel Property Advisors. “With 25,251 square feet of air rights, there is potential for future development as The Bronx continues to evolve and improve,” said Mr. Gold.

The property is in close proximity to the 2/5 Subway lines on Freeman Street and Southern Boulevard.