Ariel Property Advisors recently completed the sale of a prime development site in Chelsea for $15.9 million. The property, which includes a vacant commercial building with M1-6D zoning allowing for mixed-use development up to 49,375 square feet, was sold by Bridget Realty LLC and represented by Ariel’s Victor Sozio and Howard Raber, Esq., along with Keen-Summit Capital Partners LLC.
According to Sozio, the sale of this property highlights the continued demand for well-located Manhattan sites suitable for condo projects. With its location just one block south of Penn Station between 7th and 8th Avenues, this area has seen an increase in new residential developments.
Raber also noted that condo development sites remain attractive in Manhattan due to their independence from the expired 421a tax abatement program that has contributed to a decline in sales activity in outer boroughs.
The transaction marks another successful deal completed by Ariel Property Advisors as they continue to be leaders in New York City’s real estate market.
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