Ariel Property Advisors Brokers Sales of Two Upper Manhattan Properties

NEW YORK CITY — Ariel Property Advisors has brokered the sales of two properties located in Upper Manhattan totaling $7.2 million. In the first transaction, a private developer purchased a development site at 1516-1532 Park Avenue in East Harlem for $3.8 million. Zoning for the property permits approximately 28,730 buildable square feet as-of-right for a mixed-use development, and approximately 35,419 buildable square feet with a community facility. Michael Tortorici, Victor Sozio, Shimon Shkury and Marko Agbaba of Ariel represented the seller, a private investor, and procured the buyer in the deal. In the second transaction, a private real estate investment group sold 422 St. Nicholas Avenue in Central Harlem for $3.35 million to a private real estate investment group. The 11,105-square-foot building consists of 10 units with nine three-bedroom units and one two-bedroom unit. Sozio, Tortorici and Shkury represented both parties in the transaction.