Ariel Property Advisors arranges sale of 17-building, 676-unit package for $85.5 million

Ariel Property Advisors arranged the sale of the Morrisania Multifamily Portfolio, a 17-building, 676-unit package in the Morrisania section of the borough, for $85.5 million. The portfolio also includes one vacant lot. Exclusive agents Shimon Shkury, Victor Sozio, Michael Tortorici, Scot Hirschfield, and Jason Gold represented the seller, a developer and multifamily operator, and procured the buyer, an affordable housing operator. The new ownership plans to maintain the affordability of the portfolio, which consists of Project Based Section 8 buildings operating under HAP agreements. "This is going to be a very strong year for the Bronx, specifically in the multifamily sector, which accounts for more than 80 percent of the total dollar value of the borough's investment property sales," said Shkury, president of Ariel Property Advisors. "Year-over-year, the dollar volume of multifamily trades in the Bronx has jumped nearly 60% to more than $1.37 billion." The 17 buildings total 674,565 gross s/f and are clustered in an area between 165th to 169th Sts. and Sheridan and Clay Aves. Sozio continued, "The interest this package generated illustrates the expanded buyer pool for this specific product type. The Morrisania Portfolio presented an ideal opportunity to preserve affordable housing, which is in line with the de Blasio administration's 10-year housing plan."