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**Ariel Property Advisors Closes $8.9M Sale of East Harlem Development Site**
Ariel Property Advisors has successfully closed the sale of a 55,000 buildable square foot development site located at 7-11 East 115th Street in East Harlem for a total price of $8.9 million. The sale price, which equates to $163 per buildable square foot (BSF), includes an easement for 19 parking spaces designated for an adjacent property.
The transaction was facilitated by a team from Ariel Property Advisors, which included President and Founder Shimon Shkury, Founding Partners Victor Sozio and Michael A. Tortorici, Director Alexander Taic, and Sales Associate Erik Moloney. The seller in the transaction was Albert Rabizadeh of Global Asset Management, Inc., while the buyer, Bardhok Kodra of Kodra Construction, was represented by Hillstone Properties NY.
Victor Sozio commented on the deal, stating, “Ariel has remained very active in the Northern Manhattan development sector this year, and our market share is a testament to our team’s deep understanding of the landscape and our ability to execute for our clients. Given the city and state’s pro-housing policies and tax abatements, we are anticipating increased activity for the remainder of the year.”
To date, Ariel Property Advisors holds a 46% market share by dollar volume and a 36% share by transaction volume in the Northern Manhattan development sector.
Further insights into the multifamily landscape, including capital markets, development, acquisitions, and investment strategies, will be covered at Connect Apartments, taking place on September 11 in Los Angeles. The event will bring together industry leaders to discuss key issues such as affordability, innovation, and market trends.
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