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.