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The sales team of Victor Sozio, Shimon Shkury, Michael A. Tortorici, and Jesse Deutch represented the seller and procured the buyer, both real estate investment groups.
The properties, which were gut renovated in 1997 and are subject to HPD regulatory agreements, total 32,025 gross square feet and consist of three, five-story walk-up buildings with a total of 25 residential and four retail units. Of the 25 apartments, five are one-bedrooms units, 12 are two-bedroom units, and eight are three-bedroom units.
“Buyers were quickly attracted to the portfolio’s well-maintained condition and future upside,” said Victor Sozio, vice president of Ariel Property Advisors. “The initial cap rate is about 4.5 percent, but the price per square foot reflects the value-add opportunity for new ownership.”
Steps away from City College, the Columbia Expansion, and Harlem Hospital, the buildings are central to local medical facilities, businesses, and educational institutions. Located in close proximity to the 2 / 3 trains on West 135th and Lenox, and the B / C trains on St. Nicholas Avenue, the properties share easy access to all downtown and outerborough locations.
More information is available at 212-544-9500 from exclusive agents Victor Sozio, ext. 12, [email protected]; Shimon Shkury, ext. 11, [email protected]; Michael A. Tortorici, ext. 13, [email protected]; and Jesse Deutch, ext. 18, [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 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.