Ariel Property Advisors Sells UWS Residential Property for $5.2 M.
Al Barbarino May 2, 2013, 8 a.m.
Ariel Property Advisors has arranged the sale of a five-story Upper West Side multifamily property at 313 West 77th Street for $5.2 million, The Commercial Observer has learned.
The 5,900-square-foot, 17-foot wide walk-up building was sold at auction on behalf of the trustee overseeing the disposition of the former co-op which had fallen under bankruptcy protection.
The 11-unit property is located on the north side of West 77th Street between Riverside Drive and West End Avenue in the West End–Collegiate historic zoning district and includes roughly 1,046 square feet of air rights.
“Through the auction proceedings, we were able to achieve a number well above the asking price, one that exceeded our initial expectations,” said Victor Sozio, vice president of Ariel Property Advisors, who arranged the sale with Shimon Shkury, Michael Tortorici and Jesse Deutch, along with Brown Harris Stevens’ Wolf Jakubowski.
A national investor who along with the seller did not wish to be named scooped the building up during the competitive auction process and plans an extensive renovation.
“Although the property is in need of extensive renovations, the sale price is an indication of the strength of the Upper West Side townhouse market,” Mr. Sozio said.
The building is located three avenues from Central Park and the American Museum of Natural History. It is near the Henry Hudson Parkway, 1 and 2 subway lines, the ferry docks, and within easy reach of the Financial District, Columbia University, and Hoboken across the river.