Ariel Property Advisors arranges $12.1 million sale of 87,899 s/f multifamily portfolio at 818-862 Beck St. in Longwood

Bronx, NY Ariel Property Advisors has arranged the sale of a 10-building, 87,899 s/f multifamily portfolio at 818-862 Beck St. in the Longwood section of the borough. The Beck St. portfolio sold for $12.1 million, which translates to $144,047 per unit, or $138 per s/f.

An Ariel team of Victor Sozio, founding partner, Jason Gold, director, investment sales, Shimon Shkury, president/founder; and Daniel Mahfar, director, investment sales, negotiated the transaction.

“The sale of the Beck St. portfolio is a testament that the demand for multifamily properties in the Bronx is still very much intact,” Gold said. “This was an opportunity for an investor to assemble almost a whole city block situated on a quiet street in the South Bronx.”

The 10 adjacent buildings in the package consist of 84 apartments, of which five are one bedrooms, seven are two bedrooms, 45 are three bedrooms and 27 are four bedrooms. The portfolio benefits from a 2B protected tax class as well as favorable zoning (R7-1), which offers roughly 36,000 s/f of air-rights.

Located across the street from the 7.74 acre Bill Rainey Park, the properties are near the 2, 5 and 6 subway stops as well as the Bruckner Expwy.

The South Bronx is attracting developers that are building new residential towers and changing the skyline along the Harlem River. In addition, institutional investors and commercial tenants such as Fresh Direct and York Movie Studios are increasing their presence in the area.