Shkury of Ariel Property Advisors closes $3.81 million sale of 34-unit walk-up; Completed when he was a partner at Massey Knakal

According to Shimon Shkury, president of Ariel Property Advisors, a 34-unit walk-up building with commercial space sold for $3.81 million. The transaction was originated by Shkury while he was a partner at Massey Knakal. The price achieved for the building located at 124-128 East 107th St. represents $186 per s/f, which is 23% higher than area's 2010 average price per s/f of $152. "This is a classic example of an institutional client selling assets back to the private client market," said Shkury. He also noted that the buyer is an up and coming owner/operator who strongly believes in the area and recently picked up a handful of properties. The buyer was King Penguin Properties and the the seller was Apollo Real Estate Advisors AP-Amsterdam 124. Ariel Property Advisors is a New York City 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.