Ariel Property Advisors has arranged the sale of three Northern Manhattan properties for $16.95 million. The transactions include 524 East 119th Street, a six-story walk-up multifamily building in East Harlem that sold for $6 million; 88 East 111th Street, a six-story mixed-use building in East Harlem that sold for $5.25 million and 112-114 West 116th Street, a five-story mixed-use building in a prime location in Central Harlem that sold for $5.7 million.
524 East 119th Street consists of 35 residential units, 33 of which are rent stabilized, across 21,100 square feet. In addition to the sale of the building, Ariel Property Advisors facilitated the sale of the cell antenna income in the form of a telecommunications easement to another buyer to maximize price for the seller. The property is located in the rapidly appreciating East Harlem neighborhood of Northern Manhattan and is next door to the East River Plaza, which includes outlet tenants such as Costco, Target and Burlington Coat Factory. The property was sold by an Ariel team including Victor Sozio, executive vice president of investment sales; Mark Anderson, director of investment sales and Michael A. Tortorici, executive vice president of investment sales.
88 East 111th Street consists of 28 residential units and two commercial units across 19,884 square feet. Ariel also facilitated the sale of the cell antenna income on this property. The property is also located in an expanding East Harlem neighborhood near Central Park, and is across the street from a planned 698 mixed-use housing complex which will include a YMCA and a health center. The property was sold by an Ariel team including Sozio, Anderson, and Tortorici.
112-114 West 116th Street is a 100% occupied, mixed-use property that consists of 16 residential units and three retail units across 18,000 gross square feet. The property is located close to Morningside Park and is less than a 10-minute walk from Central Park, Columbia University and the 125th Street retail corridor. The property was sold by an Ariel team including Sozio, Anderson, Tortorici and Alexander Taic, director of investment sales.
