Ariel Property Advisors arranges sale of Metropolitan 1 for $38 million; BRG purchases two portfolios for $68 million

Ariel Property Advisors has arranged the sale of Metropolitan 1, a five-building, 311-unit multifamily portfolio in the Elmhurst section of the city for $38 million. The Queens portfolio consists of four, six-story elevator buildings and one, four-story walk-up totaling 234,830 s/f. The properties are located at 41-23 Gleane St., 37-52 89th St., 43-23 Ithaca St., 40-94 Denman St., and 91-31 Lamont Ave. The five-building portfolio, marketed by the Ariel Property Advisors team of Michael Tortorici, Shimon Shkury, Victor Sozio, Randy Modell, and Jonathan Berman, was one of two Queens packages sold in this transaction by the seller, a real estate investment group. BRG purchased the two portfolios for $68 million. "It's rare to see multifamily properties, especially elevatored buildings, in great neighborhoods like this change hands in Queens," said Shimon Shkury, president of Ariel Property Advisors. "This package is a testament to the strength of the borough from the point of view of both institutional and private clients. So far, 2013 is shaping up to be a record year for Queens in terms of the velocity and pricing of multifamily assets." Located in the vicinity of Roosevelt Ave., the five buildings are a short walk to either the 7 train on Roosevelt Ave. or the M/R train at Elmhurst Ave.