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New York & Tri-State  + Uptown/Bronx  + Apartments  | 
Ariel Arranges Sale of Three Northern Manhattan Properties

Ariel Arranges Sale of Three Northern Manhattan Properties

Ariel Property Advisors has arranged the sale of three Northern Manhattan properties for $16,950,000. 

The recent transactions include 524 East 119th Street, a six-story walk-up multifamily building in East Harlem that sold for $6,000,000, 88 East 111th Street, a six-story mixed-use building in East Harlem that sold for $5,250,000, and 112-114 West 116th Street, a five-story mixed-use building in a prime location in Central Harlem that sold for $5,700,000. 

524 East 119th Street consists of 35 residential units, 33 of which are rent stabilized, across 21,100 square feet. The property’s pricing metrics equate to $284/SF. The property was sold by an Ariel team including Victor Sozio, Executive Vice President, Investment Sales; Mark Anderson, Director, Investment Sales; and Michael A. Tortorici, Executive Vice President, Investment Sales. 

88 East 111th Street consists of 28 residential units and 2 commercial units across 19,884 square feet. The property sold for $264/SF, $175k per unit and around a 5.50% capitalization rate. Ariel also facilitated the sale of the cell antenna income on this property. The property was sold by an Ariel team including Victor Sozio, Executive Vice President, Investment Sales; Mark Anderson, Director, Investment Sales; and Michael A. Tortorici, Executive Vice President, Investment Sales. 

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 was sold by an Ariel team including Victor Sozio, Executive Vice President, Investment Sales; Mark Anderson, Director, Investment Sales; Michael A. Tortorici, Executive Vice President, Investment Sales; and Alexander Taic, Director, Investment Sales.

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About Ted Jackson

A highly successful financial journalist, corporate financial writer and magazine entrepreneur with strong expertise in writing on fixed income and pass-through securities (ABS), finance and banking, the economy, economic developments, financial markets, investing and personal finance, the business of behavioral healthcare and more.

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