NEW YORK, NY – August 29, 2017 – Ariel Property Advisors facilitated the sale of a four-building, mixed-use, portfolio in the rapidly appreciating neighborhood of East Harlem. The 111-unit package, located at 316 & 322-326 East 117th Street, and 1661 Park Avenue, sold for $24.75 million.

316 & 322-326 East 117th Street - Spanning 42,216-square feet, the three (3) walk-up buildings are located on the south side of East 117st Street between 1st Avenue and 2nd Avenue. The six (6) story properties contain seventy-four (74) residential units and two (2) commercial units.

1661 Park Avenue – The six (6) story property, which spans 22,434-square feet, is located on the northeast corner of Park Avenue and East 117th Street. The 50.42’ wide building contains thirty-four (34) residential units and one (1) retail unit.

Exclusive agents Victor Sozio, Shimon Shkury, Michael A. Tortorici, and Matthew Gillis represented the owner and secured the buyer, a private entity based out of the Northeast.

“We believe East Harlem is one of New York City’s most attractive neighborhoods for solid, value-add multifamily investment,” said Victor Sozio, Executive Vice President at Ariel Property Advisors. “Major infrastructure improvements, exciting new private developments, as well as increased retail and services bodes well for increased value in the future.”

Castellan Real Estate Partners purchased the buildings in 2013 for $13.5 million, a stark testament to East Harlem’s growing appeal.

“East Harlem is an area that is on the radar of many multifamily buyers and our early entrance into the market allowed us to capitalize on the increased demand,” said Etan Slomovic, Managing Director at Castellan Real Estate Partners.

The East Harlem property package is in close proximity to an abundance of eateries and retail destinations that are along the Lexington Avenue retail corridor. Other nearby attractions include Marcus Garvey Park, Central Park, the Harlem Meer and the Silberman School of Social Work at Hunter College. The property also enjoys easy access to downtown and outer-borough locations via the 6 subway train at 116th Street and Lexington Avenue.