New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Ariel Closes Sale of East Harlem Development Site
Ariel Property Advisors arranged the sale of a 43,857-buildable-square-foot development site at 2031-2033 Third Ave. in East Harlem for $7.1 million. The property is located in the East Harlem Rezoning area.
The buyer, Lakshmi Capital Opportunity Zone Fund 1 LLC, has preliminary plans to develop a 20-story mixed-use building that also will include affordable housing.
The sale was arranged by an Ariel team including Michael A. Tortorici, Mark Anderson, Shimon Shkury and Victor Sozio. The broker for the buyer was Lakshmi Capital Management LLC.
“We’re glad this existing one-story structure, which has essentially been unchanged for decades, will soon be developed to bring much needed housing to East Harlem and the city as a whole,” said Tortorici. “Between this and recent new developments in the area like Sendero Verde and One East Harlem, it’s shaping up to be an exciting time in Northern Manhattan.”
- ◦Sale/Acquisition
- ◦Development

