Ariel Property Advisors complete sale of 124-28 East 107th Street and 2282 Second Avenue for $11.775 million

Manhattan, NY Ariel Property Advisors arranged the sale of a 36-unit mixed-use building and a corner development site in East Harlem for a combined total of $11.775 million. The first transaction was a six-story mixed-use property at 124-28 East 107th St. that sold for $9.15 million. The 50’ wide, 20,395 s/f building contains 34 residential units, two commercial units and two super’s units. Delivered with extensive internal and external capital improvements in place, the sales price translates to $449 per s/f and represents a 140% increase from the $3.81 million sales achieved when the property last sold in 2012. Exclusive agents Victor Sozio, Shimon Shkury, Michael Tortorici, Josh Berkowitz and Matthew Gillis represented the seller, a private real estate firm, and procured the buyer, a private investor. The second transaction took place at 2282 Second Ave., a 22’ x 81’ corner development site that sold for $2.625 million. With R8A/C1-5 zoning providing 12,191 total buildable s/f (as-of-right) for mixed-use development, the sales price translates to $215 per buildable s/f. Exclusive agents Tortorici, Sozio, Gillis, Berkowitz and Samuel Atlas represented the seller, a private real estate firm, and procured the buyer, a private investor.