Ariel completes $11.5 million in two multifamily property sales

New York, NY Ariel Property Advisors has arranged the sale of two multifamily properties totaling $11.535 million located in West Harlem and the Upper West Side. 

A vacant five-story multifamily walk-up building comprising ten free market residential units spanning 9,486 s/f at 246 West 108th St. sold for $5.8 million, or $611 per s/f. The property is located on the south side of West 108th St. between Broadway and Amsterdam Ave. The asset contains a mix of three-, four- and five-bedroom apartments and is near Columbia University, Riverside Park and a wide variety of high-quality retail and restaurant options. 

The transaction was brokered by an Ariel team including Shimon Shkury, president and founder; Victor Sozio, founding partner; Howard Raber, director, Investment Sales; and Mark Anderson, director, Investment Sales. 

A six-story, 25-foot-wide multifamily elevator building comprising 11 free market residential units spanning 11,238 s/f at 369 West 126th St. sold for $5.735 million, or $510 per s/f. The asset consists of two duplexes, eight one-bedroom units and one penthouse, all of which include modern kitchens and bathrooms, washer/dryers, hardwood/slate flooring and separate forced air heating/cooling HVAC systems and water heaters. The building also features a bike/storage room in the lower level, a roof deck and virtual doorman intercom system in the lobby/waiting area. The property is located near the 125th St. retail corridor, Columbia University’s Manhattanville campus and developments such as The Taystee Building, The Victoria Theater and a retail center anchored by Whole Foods.

The transaction was brokered by an Ariel team including Sozio,; James Nestor, associate director, Investment Sales; and Evan Hirsch, associate director, Investment Sales.