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NEW YORK, NY – May 2, 2013 – Ariel Property Advisors has announced the sale of a prime five-story Upper West Side multifamily property at 313 West 77th Street for $5.2 million.
The Ariel Property Advisors sales team of Victor Sozio, Shimon Shkury, Michael A. Tortorici, Jesse Deutch, and Brown Harris Stevens agent Wolf Jakubowski, were retained by the trustee overseeing the disposition of the property, an 11-unit, former co-op that filed for bankruptcy protection. A national investor bought the building during a competitive auction process and plans to extensively renovate the property.
The 17-foot wide walk-up is located on the north side of West 77th Street between Riverside Drive and West End Avenue in the West End–Collegiate historic zoning district. The property is about 5,898 square feet and also boasts approximately 1,046 square feet of air rights.
“Through the auction proceedings, we were able to achieve a number well above the asking price, one that exceeded our initial expectations,” said Victor Sozio, vice president of Ariel Property Advisors. “Although the property is in need of extensive renovations, the sale price is an indication of the strength of the Upper West Side townhouse market.”
The building is located three avenues from Central Park and the Museum of Natural History. It also is near the Henry Hudson Parkway, 1 and 2 subway lines, and ferry docks, providing easy access to the Financial District, Columbia University, and Hoboken across the river.
For more information, please call 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; 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.
