Ariel Property Advisors Arranges $6.5M Sale of Multifamily Building in Manhattan

NEW YORK CITY — Ariel Property Advisors has arranged the sale of a multifamily property located at 161 E. 96th St. in Manhattan. Encore Manhattan LLC acquired the 9,160-square-foot property from a private investor for $6.5 million. The five-story building features 19 large studio apartments. Additionally, the property offers significant future development potential as R104 zoning providing approximately 25,230 buildable square feet as-of-right, or 16,070 square feet of air rights over the existing structure. Michael Tortorici, Howard Raber, Shimon Shkury, Victor Sozio and Matthew Gillis of Ariel Properties Advisors represented the seller and procured the buyer in the transaction.