News:
Brokerage
Posted: May 24, 2022
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 110th 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.
Tags:
Brokerage
MORE FROM Brokerage
Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site
Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.
Columns and Thought Leadership
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
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
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,
