Ariel Property Advisors is pleased to present 242 Lenox Avenue, a 22’ wide mixed-use building located on the east side of Lenox Avenue between West 122nd and West 123rd Streets. Containing approximately 6,970 square feet, 242 Lenox Avenue is comprised of three (3) Class A units, twelve (12) Class B units, and one (1) commercial unit, which is currently vacant.

Ariel Property Advisors is proud to offer 850 Hunts Point Avenue, a NNN Laundromat located on the northeast corner of Hunts Point Avenue and Gilbert Place. The annual rent is currently $81,240 with consistent escalations throughout the duration of the lease, which expires in 2032.

Month-over-month, New York City multifamily transaction volume held steady and the dollar volume of those deals increased in April compared to March, according to Ariel Property Advisors’ Multifamily Month in Review for April.

“Despite low sales volume, multifamily prices continue to rise as high demand confronts few available properties on the market,” said Shimon Shkury, president of Ariel Property Advisors. “These rising prices and the financing environment, which has seen interest rates starting to tick up in the last month, may give owners more of an incentive to list properties during the second half of the year.”

The subject property is a 12.75’ wide, four (4) story townhouse located on the east side of Adam Clayton Powell Boulevard between West 134th and West 135th Streets. Spanning 2,600 gross square feet, the building consists of one (1) retail unit, one (1) floor-through office unit, and two (2) floor through two-bedroom units, all with individual gas boilers.

Hudson Companies Closes on Residential ‘Game Changer’ for Prospect Lefferts Gardens, Brooklyn - “Prospect Lefferts Gardens is one of the lesser-developed areas that has the most potential because there is a subway is right there, the architecture is beautiful, and access to the park is easy,” Jonathan Berman of Ariel Property Advisors told The Commercial Observer.

Ariel Property Advisors is proud to present 612 West 180th Street, a fully renovated 75’ x 97’ house of worship, amassing approximately 12,631 square feet, located on the South side of West 180th Street between Wadsworth and Saint Nicholas Avenues. As-of-Right, 612 West 180th Street retains approximately 25,800 buildable square feet, and will be delivered vacant.

In prime Prospect Lefferts Gardens, this development site is a parking lot behind an existing building. The property will be delivered vacant. Located between Parkside Avenue and Lincoln Road, this irregular shaped lot is an opportunity for a developer to build an estimated 180,000 SF multifamily residential building.

Ariel Property Advisors is pleased to present 10 West 132nd Street, a 25’ by 99.92’ vacant lot, located on the south side of West 132nd Street between Lenox and 5th Avenue. Zoned R7-2, and benefi ting from a wide street, 10 West 132nd Street has an FAR of 4.0 and contains approximately 9,992 buildable square feet.

This week we’re highlighting New York City’s ranking as the world’s most competitive city, the latest U.S. jobs report, a study of how the city can better prepare for the next hurricane, and economic development projects throughout the city.

The subject property is a 25’ wide, four (4) story walk-up building located on the north side of East 105th Street between First Avenue and Second Avenue. The building contains one (1) community facility space and six (6) residential units. All of the residential units have a railroad layout. Of the residential units, there are four (4) rent stabilized apartments and two (2) owner occupied units which will be delivered vacant.

This week we’re highlighting several upbeat home price reports, four fresh visions for Pennsylvania Station, and new developments in Upper Manhattan, The Bronx, and Brooklyn.