News:
Brokerage
Posted: April 14, 2026
Ariel Property Advisors arranges $80 million sale of Prospect Park South affordable housing portfolio
Brooklyn, NY Ariel Property Advisors (Ariel) arranged the sale of a 411,892 s/f, eight-building, 387-unit affordable housing portfolio situated in the Prospect Park South neighborhood of the city for $79.85 million, or $193 per s/f.
The eight properties in the Prospect Park South portfolio are located at 816 Ocean Ave., 682 Ocean Ave., 672 Ocean Ave., 666 Ocean Ave., 280 East 21st St., 95 East 18th St., 91 East 18th St., and 221 Linden Blvd.
An Ariel team comprised of founding partner Victor Sozio, president and founder Shimon Shkury, partner Sean Kelly, Esq., director Remi Mandell, director Lawrence Sarn, associate director Nicole Daniggelis, and investment sales associate Erik Moloney arranged the sale on behalf of the seller.
“Large-scale affordable housing portfolios in prime Brooklyn locations continue to generate strong interest from institutional and private investors alike,” said Sozio. “Our team was able to navigate the challenges of selling scattered, rent stabilized, pre-war buildings in today’s market by highlighting the portfolio’s accretive assumable financing and the benefits of the 610 amendment that was previously obtained.”
The portfolio’s 387 residential units include a diverse apartment mix consisting of 33 studios, 154 one-bedroom, 121 two-bedroom, 56 three-bedroom, 14 four-bedroom, and 9 five-bedroom units. Additionally, the portfolio benefits from an Article XI tax abatement and 610 amendment, further enhancing its long-term operating profile and investment appeal.
The Prospect Park South portfolio offers access to Prospect Park, Brooklyn College and local transportation via multiple subway and bus routes.
MORE FROM Brokerage
JLL Capital Markets arranges the sale and secures the financing for Jefferson Valley Self Storage facility sale to Horizon Storage Group
Jefferson Valley, NY JLL Capital Markets arranged the sale and facilitated the financing for Jefferson Valley Self Storage, a 405-unit self-storage facility.
Quick Hits
Columns and Thought Leadership
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.