Shown (from left) are: Michael Tortorici, Shimon Shkury and Victor Sozio of Ariel Property Advisors

Manhattan, NY Emerald Equity Group has acquired the former “Dawnay, Day Portfolio” from Fairstead Capital and E+M Associates for $357.5 million.  The East Harlem and Manhattan portfolio is comprised of 47 buildings, totaling 712,571 s/f and 1,181 units.

A team led by Ariel Property Advisors’ Victor Sozio, Shimon Shkury and Michael Tortorici represented the sellers, Fairstead and E+M, and procured the buyer, Emerald Equity Group. 

Mitchell Taras of the Sadis & Goldberg provided legal representation to the seller and Jeffrey Zwick of Jeffrey Zwick & Associates, P.C. provided legal representation to the buyer.

Fairstead, a New York City-based investor and manager of multifamily property, acquired the portfolio with E&M from a special servicer in 2013 for an undisclosed sum. Previously the properties had been owned by Dawnay Day Group, a now-defunct U.K. investment firm, which bought the portfolio for $225 million in 2007.

Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.