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NEW YORK, NY – July 1, 2013 – Ariel Property Advisors has announced the sale of a six-story multifamily building at 283 West 147th Street in Central Harlem. The 10,788-square-foot property containing 23 residential units sold for $3 million, which translates to $278 per square foot.
The sales team of Victor Sozio, Michael A. Tortorici, and Jesse Deutch served as exclusive agents for the seller, a private investor, and procured the buyer, a local investor.
Of the 23 apartments in the walk-up building, there are 10 studio, 7 one-bedroom and 6 two-bedroom apartments. Nineteen of the units are rent stabilized.
“The price of $278 per square foot is a testament to the quality of the asset and the strength of today’s market,” said Victor Sozio, vice president of Ariel Property Advisors. “In fact, the sale represents a 34 percent increase in value since our team last sold the same building back in 2008.”
Recent condominium sell-out values and rental rates at the adjacent PS-90 Condominium conversion exemplify the area’s strengthening residential market. With its central location and well maintained interior, 283 West 147th Street offered investors the opportunity to capitalize on today’s favorable financing environment and Northern Manhattan’s continued growth.
Just a short walk from the 3 train at 148th and Adam Clayton Powell, and from the A,B,C,D trains at 145th and St. Nicholas, the building enjoys excellent transportation to downtown and outer borough locations. Located within close proximity to the City College of New York, the Frederick Douglass Academy, the National Dance Academy, Harlem Hospital, Jackie Robinson Park, and St. Nicholas Park, tenants are close to schools, business, institutions, and historic parks.
For more information, please call 212-544-9500: Victor Sozio, ext. 12, vsozio@arielpa.com; Michael A. Tortorici, ext. 13, mtortorici@arielpa.com; or Jesse Deutch, ext. 18, jdeutch@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.
