Ariel Property Advisors has facilitated the sale of 57 E. 130th St., a newly-constructed multifamily building in East Harlem. The six-story elevatored property sold for $3.2 million.
Ariel’s Matthew L. Gillis, Michael A. Tortorici, Victor Sozio, Marko Agbaba, and Daniel Mahfar represented the seller, Yoori Oh of Verse Development LLC. They also procured the buyer, Joshua Lee of 57 E 130 ST LLC. The property was delivered vacant.
The 18.25’ wide building, which spans 6,268 square feet, is located between Park and Madison avenues. It includes a three-bedroom garden duplex with backyard access, three floor-through, two-bedroom apartments and a one-bedroom penthouse with a private terrace.
“This unique investment offers the flexibility to lease up and cash flow or sell out as luxury condominiums,” said Gillis. “The property is also located within the East Harlem rezoning, which will surely lend to future rent growth and higher condominium sellouts as density increases.”
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).
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