Ariel Property Advisors arranges sale of two multifamily bldgs: $31m

New York, NY Ariel Property Advisors has arranged the sale of two multifamily properties totaling $31 million.

A 93,430 s/f, 13-story multifamily elevator building located at 1514 Sedgwick Ave. in the Morris Heights section of the Bronx sold for $22.5 million, or $241 per s/f.

Constructed in 2004, the property benefits from a 421a tax abatement and consists of 96 residential units and 63 parking spaces. Of the residential units, one is a studio, 22 are one-bedrooms, 73 are two bedrooms and 72 have private terraces. The property offers views of the Harlem River and runs parallel to the Major Deegan Exwy. with access to other major thoroughfares.

The transaction was brokered by an Ariel team including Victor Sozio, founding partner; Daniel Mahfar, director, investment sales; and Shimon Shkury, president and founder.

A 31,596 s/f, six-story multifamily elevator building located at 350 West 110^th St. between Columbus and Manhattan Aves. on the Upper West Side of Manhattan sold for $8.5 million, or $269 per s/f.

The rent stabilized property consists of 36 residential units, of which 28 are two-bedroom units, seven are three-bedroom units and one is a super’s unit. Fully renovated and offering 12,302 s/f of air rights, the building is one block between Central Park and Morningside Park and is near Columbia University and public transportation.

The transaction was brokered by Sozio; Shkury; Matthew Gillis, director, investment sales; and Evan Hirsch, associate, investment sales.