NEW YORK, NY – February 20, 2020 – February 20, 2020 – Ariel Property Advisors has been retained to sell three properties in East Harlem for a combined value of $18.55 million. The properties include 88 East 111th Street, a six-story, 30-unit mixed-use building listed for $8.7 million; 524 East 119th Street, a six-story, 35-unit residential building listed for $7.75 million, and 1882 Park Avenue, a commercial building with owner-user potential listed for $2.15 million. Exclusive Ariel Property Advisor agents for the properties are Victor Sozio, Executive Vice President, Investment Sales, Michael Tortorici, Executive Vice President, Investment Sales, Marko Agbaba, Director, Investment Sales, James Nestor, Associate Director, Investment Sales, and Jack Moran, Associate, Investment Sales.

88 East 111th Street

On the south side of East 111th Street between Madison Avenue and Park Avenue, this six-story, 19,884-square-foot property is currently listed for $8.7 million. The property contains 28 residential units and two commercial units, with the residential unit mix consisting of five one-bedroom apartments, 13 two-bedroom apartments and 10 three-bedroom apartments.

Located in a rapidly expanding neighborhood, 88 East 111th Street presents investors with the opportunity to acquire a well-maintained mixed-use property with developments such as the Sendero Verde project and a future YMCA across the street. The subject property is also extremely accessible with convenient access to the 6 train and the Metro-North station allowing for easy routes to lower Manhattan and the outer boroughs.

524 East 119th Street

Located on the south side of East 119th Street between Pleasant Avenue and FDR Drive, this six-story, 21,100-square-foot property is currently listed for $7.75 million. The property contains 35 residential units, with a unit mix consisting of 11 one-bedroom, 19 two-bedroom and five three-bedroom apartments.

524 East 119th Street is conveniently located next door to the East River Plaza, anchored by outlet tenants such as Costco, Target and Burlington Coat Factory. Additionally, the property is also close to the 6 train, which provides easy access to the outer boroughs, as well as the Metro North railroad station at 125th Street for travel to the greater New York metro area.

1882 Park Avenue

Located between 128th and 129th Streets in East Harlem, this three-story, 3,200-square-foot office building is currently listed for $2.15 million. Interior layouts consist of three floor-through units, with recent renovations including upgraded electrical and mechanical systems, HVAC systems, video surveillance and hardwood floors. Additional building amenities include a private sitting and outdoor space area on the second floor, as well as 11-foot ceilings throughout the building. The property is currently owner-occupied and will be delivered vacant, providing immediate owner-use.

Surrounded by other large-scale development firms including Artimus Construction, The Durst Organization, Greystone Development and Extell Development, this property stands to benefit tremendously from future projects in the neighborhood. The building is also close to several transportation outlets, including the 125th Street Metro North station and the 4, 5 and 6 trains along Lexington Avenue.