Sozio, Shkury and Tortorici of Ariel Property Advisors lead team in 47 building portfolio sale: $357.5 million

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.

Tags: Brokerage

Reprint

Previous Story Next Story

AmTrustRE completes $211m acquisition of 260 Madison Ave.

Manhattan, NY AmTrustRE has completed the $211 million acquisition of 260 Madison Ave., a 22-story, 570,000 s/f office building. AmTrustRE was self-represented in the purchase. Darcy Stacom and William Herring

Area 15 welcomes new tenant openings, signs more experiences coming

SABRE coordinates sale of six properties totaling 199,845 s/f

Polsinelli and Curcio of Compass arrange 22,000 s/f Urban Umbrella lease

Project REAP honored by ICSC for leadership and impact in Commercial Real Estate

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Owners Developers & Managers

Frier Levitt relocates N.Y. office to One World Trade Center

Columns and Thought Leadership

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.