Ariel Property Advisors announced the $28,200,000 sale of a newly constructed luxury residential property located at 69 East 125th Street in the East Harlem section of New York City.
GO-RE Partners, led by Doron Greenberg and Aviad Ohayon, purchased the 77-unit building from Greystone Development, which first developed the building in 2017. Financing was provided by JPMorgan Chase.
An Ariel team represented the seller and procured the buyer in the transaction. The team included Founding Partner Victor Sozio, President and Founder Shimon Shkury, Director Mark Anderson, Associate Gabriel Elyaszadeh, and Founding Partner Michael A. Tortorici.
The block-through, modernized two-building property includes 75 residential units and two commercial units. The 12-story tower on East 125th Street features an unobstructed New York City skyline view, and the adjacent six-story tower is on a tree-lined street, East 126th Street. The building also offers a 421a tax abatement until 2043.
Doron Greenberg, managing partner at GO-RE Partners, said, “We strongly believe in New York City’s residential market, and our strategy is to acquire quality assets, such as this one, at an attractive basis. We’ve long awaited to celebrate the completion of this transaction, and instead we are mourning the senseless murder of more than 1,400 of our people in Israel.”
“This was an exceptional luxury multifamily investment, offering the buyer a Northern Manhattan location poised for tremendous growth, in-place cash flow and long-term tax benefits,” said Sozio. “This East Harlem pocket remains a hot spot for residential investors, given the area’s recent rezoning and the ongoing 2nd Avenue subway expansion.”
The property provides direct access to a shared underground parking garage with room for 15 vehicles from both towers. The condo style finishes in the apartments include top-of-the line in-home appliances and beautifully engineered hardwood floors. Lifestyle amenities for tenants include security, gym, laundry, roof deck, courtyard, package room, and a bike room.
The building sits in a prime East Harlem location and enjoys 75 feet of frontage along the bustling 125th Street retail corridor. The asset is also steps away from several mass transit options, including a Metro North Railroad stop, the 4/5/6 subway lines, the 2/3 subway lines, and multiple bus lines in addition to major highways and thoroughfares.
The property is also in the vicinity of various local attractions including The Corn Exchange, One
East Harlem, The Smile, and the New York Proton Center.
NOTE: For more information about the Northern Manhattan investment property sales market, please refer to Ariel Property Advisors’ Northern Manhattan 2023 Mid-Year Commercial Real Estate Trends report, which is available HERE.
About Ariel Property Advisors
Ariel Property Advisors is a New York City-based commercial real estate services and advisory company with three main groups: investment sales, capital services and research. The Investment Sales Group covers all major commercial asset types throughout the NY metropolitan area, while the Capital Services Group provides clients nationwide with custom tailored financing. Finally, our Research team empowers our professionals and clients with timely market reports. More information is available at arielpa.nyc.