Deutch, Sozio and Tortorici of Ariel Property Advisors broker joint venture deal in Harlem

Ariel Property Advisors has brokered a joint venture between St. Luke’s Baptist Church and Azimuth Development Group to redevelop 99-101 and 103-105 Morningside Ave. in a deal that will enable the church to expand. As part of the agreement, the church will return to a condo space nearly double its current size when the planned 11-story, 22-unit condominium development is completed on the site. Exclusive agents from Ariel Property Advisors Jesse Deutch, Victor Sozio, and Michael Tortorici arranged the deal. In order to increase the footprint of the development to 45,000 s/f and move the project forward, the agents brokered the sale of an adjacent property at 369-371 West 123rd St., which closed in July 2014 for $3.7 million. “Ariel Property Advisors began working with St. Luke’s several years ago to identify a partner that would help strengthen and expand its presence at 99-101 Morningside Avenue and enable it to own part of the new venture,” said Deutch, associate vice president of Ariel Property Advisors. “This deal is a great example of a non-profit tapping into the power of today's real estate market to better serve the community. The church will now have a permanent, newly renovated facility and the developer will be able to capitalize on the area's surging residential market.”