Ariel Property Advisors arranges $45 million sale of four building affordable housing portfolio
Manhattan, NY Ariel Property Advisors (Ariel) brokered the $45 million sale of Hudson View II & III, a four-building affordable housing portfolio in the upper borough’s Hamilton Heights neighborhood.
The portfolio includes 520 West 145th St., 528 West 145th St., 1704 Amsterdam Ave. and 502-504 West 145th St. Together, the properties comprise 129 Project-Based Section 8 residential units, and 11 retail units located along 200 ft. of frontage on Amsterdam Ave., a major retail thoroughfare. The portfolio extends to 143,000 s/f.
An Ariel Property Advisors team comprised of Victor Sozio, founding partner, Shimon Shkury, president and founder, Remi Mandell, director of research and sales, arranged the sale on behalf of the seller.
The properties benefit from their position in a transit-rich section of the city, with access to multiple subway lines and many neighborhood amenities.
The portfolio sale also highlights ongoing investor interest in Hamilton Heights, a neighborhood near major educational institutions including City College, Columbia University and the Manhattan School of Music, dining options and access to open space and recreation at Riverbank State Park and Jackie Robinson Park. Additionally, over 500 s/f of new development is planned within the portfolio’s immediate vicinity.