Ariel Property Advisors sells four Upper Manhattan development sites

Ariel Property Advisors has completed the sale of four development sites with up to 104,000 buildable s/f. The deals are among the 14 development site transactions comprised of 24 properties with up to 340,000 buildable s/f that Ariel Property Advisors closed in Upper Manhattan in 2012. The firm has another eight uptown properties with 120,000 buildable s/f currently in contract. "A lack of new construction and the strengthening residential market are driving more development site sales uptown," said Michael Tortorici, vice president of Ariel Property Advisors. "Prices for vacant land and buildings are also on the rise as more and more developers chase fewer potential sites." Tortorici said that after peaking at $120 to $125 per buildable s/f in 2006-2007, prices of uptown development sites dropped to an average $55 per buildable s/f in 2008-2009. With rents now surpassing pre-crisis levels, the supply of newly constructed condominiums nearly exhausted, and more financing available to experienced developers, demand for vacant land recovered significantly in 2012. The four recent development sites sold by Ariel Property Advisors include: * A 25-foot wide vacant lot at 310 West 118th Street in Central Harlem sold for $1.06 million. The property is zoned for residential use and features 10,000 buildable s/f in the heart of Morningside Heights, one of the most rapidly appreciating areas in Manhattan. Victor Sozio and Jesse Deutch represented the seller, a private investor, and the buyer, a private development group. * Two vacant lots at 444-446 West 163rd Street in Washington Heights sold for $2.15 million. Zoning for the 75-foot wide property allows for 33,750 buildable s/f for residential use, as of right, and 54,844 buildable square feet, as of right, with a community facility bonus. Michael Tortorici, Victor Sozio, and Shimon Shkury represented the seller, a national real estate investment group, and Elizabeth Martin, a private broker, represented the buyer, an affordable housing developer. * An 11,255 s/f vacant lot at 5122-24 Broadway in Inwood near Baker Field, Isham Park, and the upcoming Columbia University Athletic Complex sold for $1.515 million. The property features 155 feet of frontage on the east side of Broadway between 219th and 220th Streets and is zoned M1-1 with a FAR of 1.0. Michael Tortorici, Victor Sozio, and Shimon Shkury represented the seller, a private investor. * A 50-foot wide vacant lot at 75-77 East 110th Street in East Harlem sold for $1.225 million. The lot is partially excavated and features approximately 20,184 buildable s/f as of right. Additional air rights were transferred from 1659 Madison Avenue providing a total of 27,980 buildable s/f of residential use, and the site is vested in the pre-2007/08 421-A tax abatement program. The pricing reflects that the property is subject to an HPD agreement, which requires the developer to share a portion of the profits with HPD. Michael Tortorici, Victor Sozio, and Shimon Shkury represented the seller, a private investment fund. The buyer was an architect/developer. Ariel Property Advisors has an adjacent property at 71-73 East 110th Street in contract with a different buyer and is expected to close on it by the end of the first quarter.