Ariel completes $7.365 million sale of 2070 & 2074 Arthur Avenue; Sozio, Hirschfield, Gold & Agbaba rep owner, King Penguin

Bronx, NY Ariel Property Advisors arranged the sale of 2070 & 2074 Arthur Ave., a pair of contiguous multifamily properties in the Tremont section of the borough. The properties sold for $7.365 million. Exclusive agents Victor Sozio, Scot Hirschfield, Jason Gold and Marko Agbaba represented the owner, King Penguin Opportunity Fund, and procured the buyer, a private investor. “With newly renovated units delivered upon closing the buyer was able to capitalize on the scale of the property with an immediate increase in cash flow,” said Hirschfield, vice president at Ariel Property Advisors. The contiguous five-story properties have a total of 53 residential units and 42,256 s/f. The sale price translates to $163 per s/f and $136,389 per unit. King Penguin acquired the properties for $4.32 million in 2013. The properties are located in East Tremont, a residential neighborhood with a bustling commercial corridor at East Tremont Ave., Crotona and Tremont Park. East Tremont is dominated by five and six story tenement buildings, older multi-unit homes, vacant lots, and newly constructed apartment buildings. Ariel Property Advisors also represented King Penguin Opportunity Fund in the recent sale of 124-128 East 107th St., a 50’ wide, six story mixed-use building for $9.15 million in East Harlem. Access to downtown and the outer boroughs from the properties is available via the B & D trains located on the corner of East 182nd Street and Grand Concourse as well as the 2 & 5 trains on the corner of East Tremont and Boston Road. Additional access to Manhattan is also available via the East Tremont Metro North stop at East Tremont Road.