Ariel Property Advisors sells 7-11 East 115th St. development site for $8.9 million
Manhattan, NY Ariel Property Advisors (Ariel) negotiated the sale of a 55,000 buildable s/f development site at 7-11 East 115th St. in East Harlem for $8.9 million. The final price of $163 per buildable s/f reflects an easement for 19 parking spaces required for an adjacent property.
An Ariel team comprised of president and founder Shimon Shkury, founding partner Victor Sozio, director Alexander Taic, founding partner Michael Tortorici, and sales associate Erik Moloney, represented the seller of 7-11 East 115th St., Albert Rabizadeh of Global Asset Management, Inc. The buyer, Bardhok Kodra of Kodra Construction, was represented by Hillstone Properties NY.
“Ariel has remained very active in the Northern Manhattan development sector this year, and our market share is a testament to our team’s deep understanding of the landscape and our ability to execute for our clients,” said Sozio. “Given the city and state’s pro-housing policies and tax abatements, we are anticipating increased activity for the remainder of the year.”
Northern Manhattan’s development momentum is being spurred by government initiatives like the City of Yes and the 485-x tax incentive program, which are encouraging new development, according to Ariel’s Northern Manhattan 2025 Mid-Year Commercial Real Estate Trends report.
7-11 East 115th St. features 135 ft. of frontage along 115th St. and flexible zoning allowing for 68,000 buildable s/f under the City of Yes’ Universal Affordability Preference (UAP) and 88,000 buildable s/f with a community facility bonus.
Taic said, “The sale of 7-11 East 115th St. marks the fifth development site for a total of 184,000 buildable s/f that Ariel has sold in Northern Manhattan so far this year. We also have nine additional development sites totaling close to 200,000 buildable s/f in contract and on the market, which underscores the robust pipeline we’ve built.”
Ariel’s market leadership was highlighted by one of the most significant Northern Manhattan development transactions in the first half of the year: the $17.25 million ($193 per buildable s/f) sale of 157-181 East 108th St. A private school acquired this property with plans to build a 64,000 s/f athletic facility.
In addition to director Alexander Taic, senior director Sam Schertz and associate director Drew McWilliams round out Ariel’s Northern Manhattan investment sales team.