Ariel Property Advisors completes 3 sales totaling $5.155 million; Sozio represents the seller in $3.625 million sale of 5959 Broadway

Ariel Property Advisors have secured the closing of three development properties in the Bronx, East Harlem, and Brooklyn totaling $5.155 million. * A vacant lot at 5959 Broadway in the Riverdale section of the Bronx sold for $3.625 million. The property features 200 ft. of frontage along Broadway, and zoning allows for 40,000 buildable s/f as of right and 80,000 buildable s/f with a community use facility. The sales team of Victor Sozio, Scot Hirschfield, Jesse Deutch, and Jason Gold represented the seller, a real estate investment firm, and procured the buyer, an affordable housing group. * A vacant lot at 71-73 East 110th Street in East Harlem sold for $1 million. Zoning for the 33.33 ft. wide lot permits 13,455 buildable s/f for a residential or mixed-use properties The sales team of Michael Tortorici, Sozio, and Shimon Shkury represented the seller, a private East Harlem owner. Eugene Conway, a private broker, represented the buyer, a developer. * A vacant lot at 311 Melrose Street on the border of the East Williamsburg and Bushwick sections of Brooklyn sold for $530,000. The property, which is currently used as a parking lot, allows 5,500 buildable s/f for condominium or rental development and is located several blocks from the Morgan stop on the L train. The sales team of Jonathan Berman, Tortorici, and Daniel Tropp represented the seller, a local developer. The buyer, also a developer, was represented by Matthew Cosentino, of Terra CRG.