Ariel Property Advisors brokers sale of East Harlem affordable housing portfolio for $55.6 million
Manhattan, NY Ariel Property Advisors (Ariel) has arranged the sale of the Harlem River Point Portfolio, an affordable housing portfolio comprised of two elevator buildings with 315 units in East Harlem. The properties traded for a total of $55.6 million.
An Ariel team led by Victor Sozio, founding partner; Shimon Shkury, president and founder; Alexander Taic, director; Jake Brody, associate director; and Remi Mandell, director represented the seller in the transaction.
The affordable housing portfolios span a full riverfront block:
Harlem River Point North — built in 2015, the 179,616 s/f 11-story mixed-use building at 1951 Park Ave. includes 173 residential units and two commercial units.
Harlem River Point South — built in 2014, the 128,640 s/f, 14-story multifamily building at 200 East 131st St. includes 140 residential units.
The buildings are governed by regulatory agreements and offer numerous onsite amenities for tenants including a gym, laundry, bike storage and a playground.