Manhattan, NY Ariel Property Advisors has facilitated the sale of 57 East 130th St., a newly-constructed multifamily building in East Harlem. The six-story elevatored property sold for $3.2 million, equating to $511 per s/f.
The 18.25’ wide building, which spans 6,268 s/f, is located between Park Ave. and Madison Ave. Delivered vacant due to elevator work needed for C of O issuance, the property consists of a three-bedroom garden duplex with backyard access, as well as three floor-through, two-bedroom apartments and a one-bedroom penthouse with a private terrace.
Exclusive agents Matthew Gillis, Michael Tortorici, Victor Sozio, Marko Agbaba, and Daniel Mahfar represented the seller, Yoori Oh of Verse Development LLC; and procured the buyer, Joshua Lee of 57 E 130 ST LLC.
The new owner acquired an exquisitely finished building that boasts top-of-the-line, luxury finishes throughout, including Bosch appliances and walnut cabinetry in the kitchens, and marble tiling with Grohe and Toto finishes in the bathrooms.
“This unique investment offers the flexibility to lease up and cash flow or sellout as luxury condominiums,” said Matthew L. Gillis, a Director at Ariel Property Advisors. “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.”
The property is centrally located in East Harlem and is within walking distance to several area attractions, including Marcus Garvey Park, prime retail along 125th Street and the site of the recently announced Proton Center on 126th Street. The building is also just steps from the 125th Street 4/5/6 subway lines and Metro North train station.