NEW YORK, NY—Ariel Property Advisors has announced the sale of two adjoining multifamily properties at 556-562 West 126th Street, steps from Columbia University’s new 17-acre Manhattanville campus. The buildings sold for $15 million, which translates to $384,615 per unit.
The sales team of Shimon Shkury, Victor Sozio, Michael A. Tortorici, and Jesse Deutch represented the seller and procured the buyer, both real estate investors.
The buildings feature 39 units, of which 36 are four-bedrooms, two are one-bedrooms, and one is commercial. Twenty six of the units are occupied at below market rates, presenting significant room for growth in rents as the area develops. Both properties are six stories and together have a combined building area of 36,599 square feet.
“The properties are located in an area that will be transformed by both Columbia University’s new 17-acre campus expansion and the three-acre Manhattanville Factory District under development by the Janus Property Company ,” said Mr. Shkury, president of Ariel Property Advisors. “Columbia has created an impressive master plan for its new campus, which includes an exciting street level design reserved for re tail shops and open green spaces that will further energize the community.”
Bordered by West 125th Street to West 134th Street between Broadway and 12thAvenue, the $7 billion Columbia University expansion will feature more than 6.8 million square feet of space for teaching, research, cultural, and recreational facilities. The Manhattanville Factory District, including the Mink Building, the Sweets Building, and the 300,000-square-foot Taystee Building, is located on Amsterdam Avenue between West 125th and 128th Streets. Additionally, other major retail, residential, and cultural developments planned for 125th Street will turn the east-west corridor into a world-class arts, cultural, and entertainment destination.
The buildings also are conveniently located near transportation with the125th Street subway station a block away, as well as quick access to the North and South on-ramps of the West Side Highway.
More information is available at 212-544-9500 from exclusive agents Shimon Shkury, ext. 11, firstname.lastname@example.org; Victor Sozio, ext. 12, email@example.com; Michael A. Tortorici, ext. 13, firstname.lastname@example.org; and Jesse Deutch, ext. 18, email@example.com.
Ariel Property Advisors is a New York City investment property sales firm with an expertise in the multifamily market. The firm also produces a number of research reports including the Multifamily Month in Review: New York City; Multifamily Quarter in Review: New York City; Multifamily Year in Review: New York City; and semi-annual sales reports on Manhattan, Northern Manhattan, Brooklyn, Queens, and the Bronx. More information is available at arielpa.com.