News:
Brokerage
Posted: January 30, 2024
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
MORE FROM Brokerage
SABRE coordinates sale of six properties totaling 199,845 s/f
Huntington, NY SABRE Real Estate Advisors has completed the sale of six commercial properties across Long Island and Northern New Jersey, further underscoring the firm’s strength as a trusted partner in complex real estate transactions. The deals were led by executive vice presidents Jimmy Aug and Stu Fagen, whose combined expertise continues to drive exceptional results for clients across the region.
.jpg)
.gif)
Columns and Thought Leadership
The strategy of co-op busting in commercial real estate - by Robert Khodadadian
In New York City’s competitive real estate market, particularly in prime neighborhoods like Midtown Manhattan, investors are constantly seeking new ways to unlock property value. One such strategy — often overlooked but
Lower interest rates and more loan restructuring can help negate any negative trending of NOI on some CRE projects - by Michael Zysman
Lower interest rates and an increased number of loan restructurings will be well received by the commercial real estate industry. Over the past 12 months there has been a negative trend for NOI for many properties across the country.
Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian
Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.
How much power does the NYC mayor really have over real estate policy? - by Ron Cohen
The mayor of New York City holds significant influence over real estate policy — but not absolute legislative power. Here’s how it breaks down:
Formal Legislative Role
• Limited direct lawmaking power: The NYC Council is the primary
.gif)