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NEW YORK, NY – January 5, 2016 – Ariel Property Advisors announced today the $8,000,000 sale of 701 West 135th Street, a two-story commercial building located in Manhattan’s West Harlem neighborhood.
Victor Sozio, Shimon Shkury, Michael A. Tortorici and Josh Berkowitz
Exclusive agents Victor Sozio, Shimon Shkury, Michael A. Tortorici and Josh Berkowitz represented the seller, a private investor and procured the buyer, Castellan Real Estate Partners.
Spanning 19,186 square feet, the building is located on the northwest corner of West 135th Street and 12th Avenue and contains three commercial units, two, of which are occupied. To encourage the development of residential and commercial buildings, the City of New York has offered tax exemptions which will benefit buildings such as 701 West 135th Street.
“With Columbia University’s recent expansion project just one block south of the property, West Harlem is seeing an influx of retailers, research and community facilities,” said Victor Sozio, Executive Vice President who led the transaction on behalf of the Ariel team. “Given that projections anticipate Columbia’s new development to generate thousands of jobs and attract over $11 billion to the local economy, we hope to see more West Harlem-based transactions in 2016.”
The 1 train is in short walking distance at West 137th Street and Broadway, allowing commuters easy access to downtown Manhattan and the outer boroughs.
More information is available from the exclusive agents at 212-544-9500: Victor Sozio, ext. 12, vsozio@arielpa.com; Shimon Shkury, ext. 11, sshkury@arielpa.com; Michael A. Tortorici, ext. 13,mtortorici@arielpa.com ; Josh Berkowitz, ext. 41, jberkowitz@arielpa.com
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via mploc@arielpa.com
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.
