Hefty Price in East Harlem
Jotham Sederstrom March 8, 2011, 5:58 p.m.
A recent East Harlem deal shows that the average prices per square foot in the neighborhood are surpassing those of 2010, brokers say. To be sure, a 34-unit Upper Manhattan walk-up building with ground-floor commercial space sold last week for a whopping $3.81 million.
The price achieved for the building, at 124-128 East 107th Street, represents $186 per square foot, which is 23 percent higher than Upper Manhattan’s 2010 average price per foot of $152, said Shimon Shkury, the president of Ariel Property Advisors. Mr. Shkury described the undisclosed buyer as “an up and coming owner and operator who strongly believes in the area” and recently picked up a handful of Upper Manhattan properties.
“This is a classic example of an institutional client selling assets back to the private client market,” said Mr. Shkury, who originated the transaction while he was still a partner at Massey Knakal.