New York, NY Ariel Property Advisors has completed the $6.562 million sale of 161 East 96th St., a five-story multifamily building situated in Manhattan’s Upper East Side neighborhood. Exclusive agents Michael Tortorici, Howard Raber, Shimon Shkury, Victor Sozio and Matthew Gillis represented the seller, a private investor and procured the buyer, Encore Manhattan, LLC. Located between Lexington and Third Aves. and steps from the Lexington Ave. 6 train, 161 East 96th St. is a 25' wide, 9,160 s/f building that contains 19 large studio apartments.  The sales price translates to a gross rent multiple of 19.4 and a 2.57% capitalization rate. The property also has significant future development potential as R10A zoning provides approximately 25,230 buildable s/f (as-of-right), or 16,070 s/f of air rights over the existing structure. "Any investors who are questioning the continued strength of New York's multifamily market should pay attention to the sale of 161 East 96th St., a property that achieved solid pricing," said Tortorici, executive vice president at Ariel Property Advisors. "Its sub-3% cap rate clearly demonstrates the market's faith in the future of New York City multifamily assets."  He noted that this property had been on and off the market for several years, but the ownership held firm on pricing and the market caught up to their expectations this year. The property is in close proximity to many convenient shopping destinations and is surrounded by several successful residential projects which have seen record prices. Tags: