Ariel Closes Sale of East Harlem Development Site

Ariel Closes Sale of East Harlem Development Site
News| September 3, 2025| Paul Bubny
New York & Tri-State + Apartment Buildings

Ariel Property Advisors closed the sale of a 55,000-buildable-square-foot development site at 7-11 E. 115th St. in East Harlem for $8.9 million. The final price of $163/BSF 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 A. Tortorici and sales associate Erik Moloney represented the seller, 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.” Ariel currently has a 46% market share by dollar volume and a 36% share by transaction volume in the Northern Manhattan development sector year to date.

From capital markets and financing trends to development, acquisitions, and property management strategies, Connect Apartments on September 11 in Los Angeles dives into the issues shaping today’s multifamily landscape. Join the experts leading conversations on affordability, innovation, market dynamics, and investment opportunities—all in one day, under one roof. If you want the latest insights that drive decisions in apartments, this is where you’ll find them: www.connectapts2025.com 

Hear from top leaders at Cushman & Wakefield, Thorofare Capital, Charney, GFP and Greystone, and more at Connect New York Apartments Investment & Finance on October 23. 

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