Ariel Property Advisors Sells Multifamily Building And Development Site In East Harlem For $4 Million
Ariel Property Advisors facilitated the sale of a multifamily building and development site in the rapidly expanding neighborhood of East Harlem. The two assets, located at 405 East 117th Street and 407-409 East 117th Street, sold for a collective $4 million.
405 East 117th Street – Spanning a total of 4,750 gross square feet, the four (4) story multifamily walk-up building is located on the north side of East 117th Street, between 1st Avenue and Pleasant Avenue. The property’s seven (7) residential units are all rent stabilized. With average rents currently operating at $20 per square foot, significantly below the area’s average, the new owner benefits from immediate upside.
407-409 East 117th Street – The 32’ wide development site is also situated on the north side of East 117th Street, between 1st and Pleasant Avenue. Zoned R7B (3.0 FAR), the property permits approximately 10,092 buildable square feet (as-of-right) for residential development.
Exclusive agents Matthew L. Gillis, Michael A. Tortorici, Victor Sozio, and Howard Raber represented the owner and secured the buyer
“East Harlem is one of Northern Manhattan’s most promising neighborhoods, with investors drawn to its realized growth and potential of more to come,” said Matthew L. Gillis, Director at Ariel Property Advisors. “With its massive infrastructure improvements, rapidly progressing rezoning, and major development projects underway, assets in this evolving neighborhood are all but guaranteed to increase in value.”
Notable developments include the revitalized Corn Exchange on East 125th Street, the Durst Organization’s 1800 Park Avenue development, and the recently announced “Sandero Verde,” a 751,000 square foot, mixed-use project to be built at East 111th Street and Park Avenue.
Other local attractions include the East River Shopping Plaza, the Harlem Meer, Central Park, Marcus Garvey Park, and Mt. Sinai Hospital. The property also enjoys easy access to lower Manhattan and outer borough locations via the 6 subway train just three blocks west at Lexington Avenue and East 116th Street.
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