October 13, 2017 Comments (0) Views: 225 New York News, Uptown/Bronx New York

In East Harlem, $4M for Apartments and Development Site

An investor paid $4 million for the four-story apartment building at 405 E. 117th St. and the development site next door in Manhattan’s East Harlem neighborhood.

“With its massive infrastructure improvements, rapidly progressing rezoning, and major development projects underway, assets in this evolving neighborhood are all but guaranteed to increase in value,” said Matthew L. Gillis, director at Ariel Property Advisors, who with Michael A. Tortorici, Victor Sozio and Howard Raber represented the owner and secured the buyer.

The walk-up apartment building includes seven rent-stabilized apartments with rents currently set at $20 per square foot, significantly below the area’s average.

The lot next door is 32’ wide and zoned R7B with a floor area ratio of 3.0. That zoning would permit the development “as-of-right” of about 10,092 square feet of residential space.

Read More at Ariel

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