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Vacant MF Townhouse Trades in Rising East Harlem Market
Ariel Property Advisors has facilitated the sale of 320 E. 120th St., a multifamily townhouse in East Harlem. The four-story property sold for $1.95 million, more than double its value just three years ago.
The firm’s Marko Agbaba, Michael A. Tortorici, Matthew L. Gillis, and Orry Michael represented the seller, Vince Todaro, a private investor; and procured the buyer, Jeff Huang, also a private investor.
“The property experienced substantial appreciation from July 2015, when it was purchased for $853,000,” said Agbaba. “The new owner now has the opportunity to redevelop and customize a sizable vacant asset in a prime East Harlem location.”
Several major development projects are underway nearby, including the revitalized Corn Exchange on East 125th Street, the Durst Organization’s 1800 Park Ave. and the recently announced Sandero Verde, a 751,000 square foot, mixed-use project to be built at East 111th Street and Park Avenue.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition
