Ariel Property Advisors sells 81-unit multifamily for $9.25 million

Manhattan, NY Ariel Property Advisors (Ariel) negotiated the sale of a 63,935 s/f, 81-unit rent stabilized multifamily property at 75-89 Wadsworth Terrace in the Washington Heights section of the city for $9.25 million, which translates to $144 per s/f, $114,197/unit and an approximate 6.38% cap rate.

An Ariel team led by Victor Sozio, founding partner, along with Shimon Shkury, president and founder, Alexander Taic, director, investment sales, and Jake Brody, associate, investment sales represented the seller.

The well-maintained, six-story building, which benefits from a J-51 tax abatement for the next 20 years, underwent significant renovations in 2010 and includes solar panels on the roof.

Tags: Brokerage

Reprint

Previous Story Next Story

NAI Long Island achieves 100% occupancy at two Suffolk County office assets

Hauppauge, NY NAI Long Island, an affiliate of NAI Global, has achieved 100% occupancy at two Suffolk County office properties, totaling 50,689 s/f. These exclusive landlord leasing assignments involved 207

Highcap Group sells parking lot across Queens County Court House

Adler of Rand Commercial brokers $9.5 million sale of Yonkers development site

Adler of Rand Comm'l. brokers $9.5m sale of Yonkers dev. site

After the lease is signed: What New York City’s office moves reveal about the changing workplace - by Maya Z.

Staats of Katz signs Uptown Cheapskate to first New Jersey location

Staats of Katz signs Uptown Cheapskate to first NJ location

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Movers & Milestones

Before money. Before power. There was great music. - by Joseph Aquino

Columns and Thought Leadership

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

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,

Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.