Tortorici of Ariel Property Advisors sells block of four condos for $2 million; Reps seller, a national bank; Buyer is a Canadian investor

Ariel Property Advisors has completed the $2 million sale of a block of four condos at The Rhapsody after managing a bidding process that resulted in 18 all-cash bids. The buyer was a Canadian investor who is actively seeking properties in N.Y.C. A large, national bank retained Ariel Property Advisors to sell the remaining four unsold condos at the 21-unit development located at West 127th St. and Fifth Ave. The firm began marketing the block of condos in late May, the deadline for bids was early June, and the deal closed several weeks later. "We were very impressed with the response to the offering and the market's ability to perform under such a tight time constraint," said Michael Tortorici, VP of Ariel Property Advisors, who represented the seller. "We believe the competitive bids we received are an indication of the strength of the condo market in Upper Manhattan." The units included a two-bedroom penthouse, 1,503 s/f; a one-bedroom duplex, 1,481 s/f; a two-bedroom duplex, 1,800 s/f; and a two-bedroom duplex, 1,927 s/f. Sales began in 2007 at The Rhapsody, which is located at 2056 Fifth Ave. in a former church that was converted to a condo development.