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Ariel Arranges Sale of Central Harlem Walk-Up
Ariel Property Advisors arranged the sale of a five-story multifamily building at 302 W. 114th St. in Central Harlem for $4.93 million. The 8,915-square-foot walk-up includes 20 apartments.
Founding partner Michael Tortorici, associate director James Nestor and director Mark Anderson, executed the sale. Jeff Tanenbaum of Brown Harris Stevens served as the buyer’s broker.
“This turnkey property presented a prime multifamily investment opportunity with tremendous cash flow,” said Tortorici. “The building also offers the opportunity to capitalize on an additional 1,581 square feet of air rights for future development.”
The building includes 17 one-bedroom apartments, two two-bedrooms and one duplex. Of the 20 apartments, 14 are renovated units with upgraded electric service and individual heating systems, stainless steel appliances, in-unit washer/dryers, and updated kitchens and bathrooms.
The property is a block from Morningside Park and within walking distance to Central Park as well as several institutions, eateries, and attractions.
- ◦Sale/Acquisition
