Ariel Property Advisors Sells 3 Development Sites for $10.55M

Ariel Property Advisors exclusively arranged the sale of three development sites located at 250-266 46th Street in Sunset Park, 305 East 165th Street in Morrisania and 463 West 125th Street in West Harlem. The Brooklyn, Bronx and Northern Manhattan properties, respectively, sold for a collective $10.55 million.

The Brooklyn site, which spans approximately 15,226 square feet and is comprised of five lots, is situated in an Opportunity Zone between the Gowanus Expressway and 2nd Avenue. M1-2D zoning allows for commercial, community facility and manufacturing development. Ariel Property Advisors agents Victor Sozio and Stephen Vorvolakos, along with Cushman & Wakefield agents John Ciraulo and Craig Waggner, represented the seller and procured the buyer: the New York City School Construction Authority. It sold for $5.55 million.

Located in a Bronx Opportunity Zone, the Morrisania site is on the northwest corner of East 165th Street and Findlay Avenue. Zoning allows for 33,512 and 46,762 buildable square feet, respectively. The property was purchased for $2.5 million. Ariel agents Jason M. Gold, Sozio and Daniel Mahfar represented the seller and procured the buyer.

The West Harlem development opportunity is located on the north side of West 125th Street between Amsterdam and Convent Avenues. Sold for $2.5 million, the property is a less than a 10-minute walk from Columbia University’s new Manhattanville campus. Zoning provides approximately 10,000 buildable square feet (as-of-right) for future mixed-use development. Ariel agents Sozio, Orry Michael, Michael A. Tortorici and James Nestor represented the winning foreclosure bidder and procured the buyer, 2903 FDB, LLC.



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