Sozio and Tortorici of Ariel Property Advisors secure $3 million sale; Six-story multifamily building totaling 10,788 s/f in Central Harlem

Ariel Property Advisors has arranged the sale of a six-story multifamily building at 283 West 147th St. in Central Harlem. The 10,788 s/f property, containing 23 residential units sold for $3 million, which translates to $278 per s/f The sales team of Victor Sozio, Michael Tortorici, and Jesse Deutch served as exclusive agents for the seller, a private investor, and procured the buyer, a local investor. Of the 23 apartments in the walk-up building, there are 10 studio, 7 one-bedroom and 6 two-bedroom apartments. Nineteen of the units are rent stabilized. "The price of $278 per s/f is a testament to the quality of the asset and the strength of today's market," said Sozio, vice president of Ariel Property Advisors. "In fact, the sale represents a 34% increase in value since our team last sold the same building back in 2008." Recent condominium sell-out values and rental rates at the adjacent PS-90 Condominium conversion exemplify the area's strengthening residential market. With its central location and well maintained interior, 283 West 147th St. offered investors the opportunity to capitalize on today's favorable financing environment and Northern Manhattan's continued growth. Just a short walk from the 3 train at 148th and Adam Clayton Powell, and from the A,B,C,D trains at 145th and St. Nicholas, the building enjoys excellent transportation to downtown and outer borough locations. Located within close proximity to the City College of New York, the Frederick Douglass Academy, the National Dance Academy, Harlem Hospital, Jackie Robinson Park, and St. Nicholas Park, tenants are close to schools, business, institutions, and historic parks.