Overview

Description

Ariel Property Advisors has been retained on an exclusive basis to arrange the sale of 524 East 119th Street, a 50’ wide, 21,100 SF, 6-story walk-up building located on the south side of East 119th Street between Pleasant Avenue and FDR Drive.

The subject property contains 35 residential units, with a unit mix consisting of 11 one-bedroom, 19 two-bedroom, and 5 three-bedroom apartments. Of the 35 residential units, 33 apartments are rent-stabilized, 1 apartment is of free market status, and 1 apartment has been set aside for the superintendent.

524 East 119th Street is conveniently located directly next door to the East River Plaza, anchored by outlet tenants such as Costco, Target, and Burlington Coat Factory. The subject property is also in close proximity to several major recent developments such as the historic Corn Exchange Building on East 116th Street and the 140,000 SF state-of-the-art New York Proton Center on East 126th Street. Quick access to lower Manhattan and the outer boroughs is provided by the 6 train subway station situated just a few blocks away on East 116th Street and Lexington Avenue, or by car along FDR Drive. Access to the greater metropolitan area is provided by the Metro-North railroad station on East 125th Street and Park Avenue.

524 E 119th Street presents investors with the opportunity to acquire a welloperated asset of considerable scale in a rapidly appreciating neighborhood of Northern Manhattan.

Documents

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