Shkury, Tortorici and Sozio of Ariel rep seller in $8.75 million building sale; Berko of Berko & Associates reps buyer of 6 West 107th Street

Ariel Property Advisors has closed on the sale of a pre-war, 21-unit apartment building at 6 West 107th St., between Central Park West and Manhattan Ave. on the Upper West Side. The building sold for $8.75 million. Ariel brokers Shimon Shkury, Michael Tortorici, and Victor Sozio represented the building owner, Stonehenge Partners. Broker Joe Berko of Berko & Associates represented the buyer, a national multifamily owner and operator. "6 West 107th St. offered just about everything a New York City multifamily investor wants to see: location, cash flow, and upside with a potential conversion opportunity," said Shkury, president of Ariel. "As a result, it attracted a great deal of interest from local, national, and international investors throughout the marketing process." The seven-story, elevator apartment building is approximately 33,000 s/f and features 19 three-bedroom apartments, one four-bedroom apartment, and one studio. Eleven of the 21 units are free market rentals and ten are rent regulated. Recent capital improvements include a new elevator, pointing, waterproofing, painting, and façade improvements. The property is close to a multitude of subway lines that provide commuters easy access to Lower Manhattan and the outer boroughs, and is about a 10 minute walk to Columbia University, which serves as an excellent source of tenants for apartment buildings in the area. Other neighborhood amenities include European style cafes, national retailers, and trendy bars. For more information, please contact Mr. Shkury,212-544-9500, ext. 11, [email protected], Mr. Tortorici, ext. 13,[email protected], or Mr. Sozio, ext. 12, [email protected]. Ariel Property Advisors is a New York City investment property sales firm with an expertise in the multifamily market. The firm also produces a number of research reports including the Multifamily Month, Quarter, and Year in Review: New York City reports, and the Northern Manhattan, Brooklyn, and Bronx Sales Reports. More information is available at arielpa.com.