Ariel Property Advisors has announced the sale of a 55,000-buildable-square-feet (BSF) development site at 7-11 East 115th St. in East Harlem, N.Y. for $8.9 million. The final price of $163 per BSF reflects an easement for 19 parking spaces required for an adjacent property.
An Ariel team comprised of President and Founder Shimon Shkury, Founding Partner Victor Sozio, Director Alexander Taic, Founding Partner Michael A. Tortorici and Sales Associate Erik Moloney, represented the seller of 7-11 East 115th Street, Albert Rabizadeh of Global Asset Management Inc. The buyer, Bardhok Kodra of Kodra Construction, was represented by Hillstone Properties NY.
“Ariel has remained very active in the Northern Manhattan development sector this year, and our market share is a testament to our team’s deep understanding of the landscape and our ability to execute for our clients,” said Sozio. “Given the city and state’s pro-housing policies and tax abatements, we are anticipating increased activity for the remainder of the year.:
Northern Manhattan’s development momentum is being spurred by government initiatives like the City of Yes and the 485-x tax incentive program, which are encouraging new development, according to Ariel’s “Northern Manhattan 2025 Mid-Year Commercial Real Estate Trends” report.
The site features 135 feet of frontage along 115th Street and flexible zoning allowing for 68,000 BSF under the City of Yes’ Universal Affordability Preference (UAP) and 88,000 BSF with a community facility bonus.
“The sale of 7-11 East 115th Street marks the fifth development site for a total of 184,000 BSF that Ariel has sold in Northern Manhattan so far this year,” Taic added. “We also have nine additional development sites totaling close to 200,000 BSF in contract and on the market, which underscores the robust pipeline we’ve built.”
