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Washington Heights Assemblage Trades for $21M

Ariel Property Advisors facilitated the sale of the West 165th/166th Street block-through assemblage, a rare development site in Northern Manhattan’s rapidly-expanding Washington Heights neighborhood. It sold for $21 million.

The site includes eight lots with extensive frontage on 165th Street, 166th Street and Edgecombe Avenue, and a zoning lot area of 31,576 square feet. The property’s zoning allows for approximately 119,370 buildable square feet as-of-right, with the community facility bonus increasing the total to 205,244 buildable square feet.

Ariel’s Victor Sozio, Shimon Shkury, Michael A. Tortorici, Matthew L. Gillis and David Khukhashvili represented the seller, Sand Realty Group LLC, and procured the buyer, Edge Property Group led by Ari Sherizen.

“The site’s substantial footprint and proximity to neighborhood institutions, such as Columbia Presbyterian, were main drivers in establishing the site’s value,” said Sozio. The “highly competitive” sales process attests to “the area’s continued growth and perception amongst developers.”

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About Paul Bubny

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 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).

  • ◦Development
  • ◦Sale/Acquisition
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