Ariel Property Advisors has brokered the sale of five Upper Manhattan properties totaling $5.85 million. The properties include a four-story parking garage in Morningside Heights and a series of vacant lots in East Harlem.
The vacant lots, located at 1840, 1846, 1854-1856 Park Avenue and 61 East 126th Street, sold for $1.35 million in an all-cash transaction, according to Victor Sozio, a broker at Ariel. Mr. Sozio represented both the seller and the buyer, along with colleagues Shimon Shkury and Michael Tortorici.
The seller was a real estate investment firm and the buyer was a real estate development company, though Mr. Sozio declined to name either.
There are no immediate plans for the vacant lots, Mr. Sozio told The Commercial Observer. “It’s a neighborhood play,” he said. “There are no immediate plans now—[the buyer has] other holdings in the area.”
He added that Ariel is “seeing a lot of people land-bank nowadays,” and that “northern Manhattan still offers value in terms of vacant lots.”
The parking garage in Morningside Heights, at 316-320 West 118th Street near Columbia University, sold for $4.5 million. Messrs. Shkury, Sozio and Tortorici also brokered this deal for the seller, a private owner, and the buyer, a real estate development company.
The previous owner of the garage held a $3.7 million loan with M&T Bank, according to Mr. Sozio, but there are no details available about financing for the new owner.
Mr. Sozio also declined to comment on purchaser information for this transaction.