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Property Slated for Residential Conversion
Victor Sozio
Executive Vice President
Ariel property Advisors
NEW YORK, NY – October 26, 2015 – Ariel Property Advisors has announced the sale of 327 East 84th Street, a three-story, 11,583 square foot commercial property in Manhattan’s Upper East Side Neighborhood for $11.75 million. The sales price translates to over $1,000 per square foot.
Exclusive agents Victor Sozio, Michael A. Tortorici, Howard Raber, Shimon Shkury and Jesse Deutch represented the seller, a private owner, and the buyer, developer Shai Shustik of Manhattan Residential.
The asset is a three-story, 40’ wide elevatored building located on the north side of 84th Street between 1st and 2nd Avenues. The property is currently being leased to an automotive repair shop. R8B zoning allows for approximately 16,347 total buildable square feet (as-of-right). The building also boasts a curb cut and freight-sized elevator, which services all floors.
Manhattan Residential plans on converting the property to residential use. “We are very excited about this project because it’s an opportunity to create an exceptional, high-end residential offering that is unlike anything else on the market today,” said Mr. Shustik.
“The sale is a testament to the strength of Upper East Side real estate, where residents are paying premiums for great neighborhood amenities, transportation and access to quality schools,” said Victor Sozio, Executive Vice President who led the transaction on behalf of the Ariel team. “The property received an incredible amount of interest from developers and a fast, competitive marketing process pushed the final price nearly 20% above the initial ask.”
The property is located in one of the most prestigious neighborhoods in New York City and enjoys close proximity to several premier New York City private schools, including the Loyola School, Regis High School, and The Dalton School. The property is a short walk to the 4,5,6 subway at the 86th Street and Lexington Avenue station and will tremendously benefit from the arrival of the 2nd Avenue subway line.
More information is available from the exclusive agents at 212-544-9500: Victor Sozio, ext. 12, vsozio@arielpa.com; Michael A. Tortorici, ext. 13,mtortorici@arielpa.com; Howard Raber, ext. 23, hraber@arielpa.com; Shimon Shkury, ext. 11, sshkury@arielpa.com; and 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.
