Shkury of Ariel Properties closes five affordable housing buildings - $7.45 million

Shimon Shkury, president of Ariel Property Advisors, has closed five affordable housing buildings for $7.45 million. The transactions were originated by Shkury and his team while at another firm. The buildings were among thousands transferred during the N.Y.C.'s Dept. of Housing Preservation and Development's Vacant Building Program, in which partnerships agreed to completely renovate the properties and enter into regulatory agreements, in exchange for low-interest financing or low-income housing tax credits. The five buildings that closed include: * A 40-unit, six-story, residential elevator building located at 55-57 W. 129th St. for $3.15 million. * A 16-unit, six-story, residential walk-up building located at 144 W. 144th St. for $1.05 million. * Two buildings consisting of 30-units in a five-story, residential walk-up located at 216 & 224 W. 141st St. for $1.8 million. * A 20-unit, five-story, mixed-used building at 2570 Adam Clayton Powell Blvd. for $1.45 million. "We're seeing a lot more regulated buildings come on the market because the owners have reached the end of an initial 15-year compliance period or have expiring J-51 benefits," Shkury said. "Because owners of these properties will continue to operate under regulatory agreements for a total of 30 years, the prices per s/f and per unit for these buildings are lower than standard rent stabilized units. However, the buildings have tremendous upside and are long-term investments with stable returns." "The five buildings in Upper Manhattan are part of a portfolio of Low-Income Housing Tax Credit buildings that our team sold in recent months," said Victor Sozio, vice president of Ariel Property Advisors. "The portfolio spans three boroughs and also includes properties in Brooklyn and the Bronx." In December, the team closed on the following three properties totaling $5.05 million that were part of the portfolio: * A 24-unit, four-story residential apartment building at 166-170 Brooklyn Ave. in Crown Heights, Brooklyn, for $1.75 million. * A 21-unit, six-story, mixed-use, walk-up building at 46-54 Sullivan St.in Red Hook, Brooklyn, for $1.725 million. * A 25-unit, five-story, walk-up apartment at 1061-1065 Summit Ave., the Bronx, for $1.575 million. Ariel Property Advisors is a N.Y.C. investment property sales firm serving all five boroughs of the city. The company produces a number of research reports to provide clients and industry leaders with up-to-date market information. Please visit www.arielpa.com for copies of the condo, residential rental, and retail reports and the Multifamily 2010 Year in Review: New York City; the Northern Manhattan Sales Report for 2010; Shimon's Market Watch, a weekly blog, or to view the valuable market and expense information available on the interactive Landlord Dashboard and Comp-Trak System. More Information is available at www.arielpa.com.