NEW YORK CITY — Ariel Property Advisors has announced the sale of four nonperforming notes in the New York metro area with a total unpaid principal balance of $3.386 million, and a package of 421A certificates with a total value of $1.599 million.
The team of Victor Sozio, Michael A. Tortorici, and Jesse Deutch brokered the transactions involving the four notes, which were collateralized by retail, multifamily, and development properties located in Brooklyn, the Bronx, Queens, and Westchester. The sellers were financial institutions and the buyers were private investors.
The team of Victor Sozio, Michael A. Tortorici, and Shimon Shkury brokered the package of 39, 421A certificates, which were sold by one developer to another developer for $41,000 each. Through the 421A Affordable Housing Program, the city creates private subsidies for the development of affordable housing by generating tax benefits that are sold to developers of market-rate housing in the Geographic Exclusion Area.
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 in Review: New York City; Multifamily Quarter in Review: New York City; Multifamily Year in Review: New York City; and semi-annual sales reports on Manhattan, Northern Manhattan, Brooklyn, Queens, and the Bronx. More information is available at arielpa.com.