Ariel Property Advisors arranges $23 million sale of 251 West 14th Street; Team of Raber, Shkury, Deutch, Modell and Sozio

Manhattan, NY Ariel Property Advisors arranged the $23 million sale of 251 West 14th St. a 24,000 buildable s/f development site located on the border of the borough’s Chelsea and Greenwich Village neighborhoods.  Plans have been approved by the city to transform this vacant structure, constructed nearly a century ago, into an 11-story cantilevered luxury condominium building. The exclusive sales team of Howard Raber, Shimon Shkury, Jesse Deutch, Randy Modell and Victor Sozio represented the seller, B+B Capital and Thomas Stein, of Nest Seekers International, procured the buyer, Pizzarotti IBC LLC, an Italian multi-national construction services company. “With its price of $958 per buildable s/f being notably higher than local average of $720 and with its value nearly tripled from a 2014 acquisition value of $7.5 million, the sale of 251 West 14th St. underscores the market’s continued, aggressive demand for Manhattan development opportunities,” said Raber, vice president, Ariel Property Advisors. Located in C6-2A zoning, the building offers a total buildable area of 24,000 s/f. The completed development is expected to feature full-floor units ranging in size from 1,700 to 2,500 s/f, a duplex penthouse and dedicated outdoor space. The property is situated on the north side of 14th Street between 7th and 8th Avenues, and is in close proximity to a wide array of local amenities, notable eateries, shops and numerous subway options, which include the 1, 2, 3, A, C, E and L trains.