Ariel Property Advisors sells three properties for $16.95 million total

Manhattan, NY Ariel Property Advisors has arranged the sale of three properties for $16.95 million. The transaction includes 524 East 119^th St., a six-story walk-up multifamily building in East Harlem that sold for $6 million; 88 East 111^th St., a six-story mixed-use building in East Harlem that sold for $5.25 million, and 112-114 West 116^th St., a five-story mixed-use building in a prime location in Central Harlem that sold for $5.7 million.

524 East 119^th St. consists of 35 residential units, 33 of which are rent stabilized, across 21,100 s/f. The property’s pricing metrics equate to $284 per s/f. In addition to the sale of the building, Ariel Property Advisors also facilitated the sale of the cell antenna income in the form of a telecommunications easement to another buyer to maximize price for the seller. The property was sold by an Ariel team including Victor Sozio, executive vice president, investment sales; Mark Anderson, director, investment sales; and Michael Tortorici, executive vice president, investment sales.

88 East 111^th St. consists of 28 residential units and two commercial units across 19,884 s/f. The property sold for $264 per s/f, $175,000 per unit and around a 5.50% capitalization rate. Ariel also facilitated the sale of the cell antenna income on this property as well. The property was sold by an Ariel team including Sozio, Anderson, and Tortorici.

112-114 West 116^th St. is a 100% occupied mixed-use property that consists of 16 residential units and three retail units across 18,000 gross s/f. The property was sold by an Ariel team including Sozio, Anderson, Tortorici, and Alexander Taic, director, investment sales.