Ariel Property Advisors exclusively arranged the sale of three development sites located at 250-266 46th Street in Sunset Park, 305 East 165th Street in Morrisania, and 463 West 125th Street in West Harlem. The Brooklyn, Bronx and Northern Manhattan properties sold for a collective $10.55 million.
250-266 46th Street
The Brooklyn site, which spans approximately 15,226 square feet and is comprised of five lots, is situated between the Gowanus Expressway and 2nd Avenue. The property benefits from being in an Opportunity Zone, an investment tool that provides significant tax incentives to developers who invest in government-designated communities. The asset is at the epicenter of Sunset Park’s major commercial hub between Industry City and the Brooklyn Army Terminal, which both house an abundance of technology, advertising, media and information (TAMI) tenants. M1-2D zoning allows for commercial, community facility, and manufacturing development.
Exclusive Ariel Property Advisors agents Victor Sozio and Stephen Vorvolakos, and Cushman & Wakefield agents John Ciraulo and Craig Waggner, represented the seller and procured the buyer: the New York City School Construction Authority.
Sold for $5.55 million, the immediate area surrounding the asset has been undergoing significant expansion and redevelopment. A recent notable project is Madison Realty Capital’s Whale Square,located adjacent to Bush Terminal Piers Park along Sunset Park’s waterfront.In addition to the major commercial tenants in the area, there is also a significant presence of firms in the healthcare sector, such as the NYU Lutheran Medical Center.
305 East 165th Street
Located in a Bronx Opportunity Zone, the corner development site is on the northwest corner of East 165th Street and FindlayAvenue in Morrisania. Its R7-1 zoning (FAR:3.44 on the as-of-right and 4.8 with community facility) allows for 33,512and 46,762 buildable square feet, respectively. The asset’s centralized location and corner visibility provided the buyer a tremendous opportunity to own land in an area that has been soaring in popularity. The property was purchased for $2.5 million.
Exclusive Ariel Property Advisors agents Jason M. Gold, Victor Sozio, and Daniel Mahfar represented the sellerand procured the buyer.
463 West 125th Street
The prime West Harlem development opportunity is located on the north side of West 125th Street between Amsterdam and Convent Avenues. The property, which is a less than a 10-minute walk from Columbia University’s new Manhattanville campus, is located within the 125th Street Subdistrict Core. Zoning ofR7-A/C2-4 (4.00 FAR) provides approximately 10,000 buildable square feet (as-of-right) for future mixed-use development along the rapidly expanding 125th Street thoroughfare. Sold for $2.5 million, the buyer acquired an exceptional Northern Manhattan development opportunity in a prime location along a major commercial corridor.
Exclusive Ariel Property Advisors agents Victor Sozio, Orry Michael, Michael A. Tortorici and James Nestor represented the winning foreclosure bidder and procured the buyer, 2903 FDB, LLC.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
