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NEW YORK, NY – January 12, 2016 – Ariel Property Advisors has sold a development property located at 515 East 86th Street on the Upper East Side. The 22’ wide development site, which is part of an assemblage, is located on the north side of East 86th Street between York Avenue and East End Avenue. The property sold for $11,200,000.
(L-R) Howard Raber, Victor Sozio, Shimon Shkury, Michael A. Tortorici, Jesse Deutch and Randy Modell
Exclusive Agents Victor Sozio, Howard Raber, Shimon Shkury, Randy Modell, and Jesse Deutch represented the seller and procured the buyer, both private investors.
Located in a R10A with a 10.0 FAR, 515 East 86th Street has approximately 22,150 buildable square feet (as-of-right) for a rental or condominium development. A 6,060 square foot, four-story vacant building currently sits on the lot.
“New ownership strategically positioned themselves to take advantage of the increasingly strong demand for housing, close proximity to a busy retail corridor, and the imminent arrival of the 2nd Avenue subway station.” said Victor Sozio, Executive Vice President of Ariel Property Advisors.
Situated just two avenue blocks from the corner of Second Avenue and 86th Street, the site stands to benefit tremendously from the future arrival of the Second Avenue Subway. The area is currently served by the 4,5,6 train on Lexington Avenue, the East 90th Street Ferry, and the nearby FDR Drive. Residents are able to take advantage of nearby shopping and recreational activities at The Fairway Market and 92nd Street Y. The area is also distinguished by its abundance of prestigious schools such as The Brearley School, The Chapin School, and The Dalton School.
More information is available from the exclusive agents at 212-544-9500: Victor Sozio, ext. 12, vsozio@arielpa.com; Howard Raber, ext. 23, hraber@arielpa.com; Shimon Shkury, ext. 11, sshkury@arielpa.com; Randy Modell, ext. 17, rmodell@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.
