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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).