Ariel Property Advisors closes $1.465 million; Dzbanek leads team in $1.3 million loan

May 16, 2017 - Front Section
Marko Agbaba,
Ariel Property Advisors

 

 

Michael Tortorici,
Ariel Property Advisors

 

Christopher Gillis,
Ariel Property Advisors

 

Bronx, NY According to Ariel Property Advisors facilitated the sale of 3188-3192 Villa Ave., a residentially zoned development site in the Bedford Park section of the borough. The property sold for $1.465 million.

The 50 ft. wide vacant lot is located on the east side of Villa Ave. between Van Cortlandt Ave. East and East 205th St. The property is in the historic section of Bedford Park between Jerome Ave. and Grand Concourse. 

Zoned R8, the property permits for 36,644 buildable s/f as-of-right and 39,566 buildable s/f if a community facility is incorporated.  

Exclusive agents Marko Agbaba, Jason Gold, Michael Tortorici and Christopher Gillis represented the seller and procured the buyer. 

“With its size, attractive zoning and coveted location, this development site is a rare opportunity, offering the investor the ability to quickly capitalize on Bedford Park’s thriving residential market,” said Marko Agbaba, director at Ariel Property Advisors.

210 North Central Avenue - Hartsdale, NY

In a second transaction, Matt Dzbanek, a director in Ariel’s Capital Services Division led the team in arranging a $1.3 million loan for an office property located at 210 North Central Ave. in Hartsdale. The division arranged the 4.5 year, recourse, cash-out refinance, fixed-rate loan at 4.44% for the 17-unit, 46,000 s/f office property. 

Situated near White Plains, the building, originally an elementary school, was owned free and clear by a family and leased to Empire State College as its anchor tenant. Currently 55% occupied, the Capital Services Division also negotiated the option for an additional $1.6 million in proceeds once the property reaches a predetermined occupancy threshold. 

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