NEW YORK, NY—Ariel Property Advisors has announced the sale of six properties in Central Harlem, the Bronx, and Brooklyn with a total value of $8,326,500.
The New Sierra Portfolio, consisting of four walk-up buildings at 423 Lenox Avenue, 439 Lenox Avenue, 134 West 133rd Street, and 140-42 West 133rd Street in Central Harlem sold for $5.25 million. The properties feature 47 residential units and three retail units. Gut renovated in 2001, the buildings are subject to regulatory agreements with city agencies, which require income restrictions for tenants and rental rate limits. The sales team of Victor Sozio, Shimon Shkury, Michael A. Tortorici, and Jesse Deutch represented the seller, an affordable housing developer/operator, and procured the buyer, ABJ Properties.
A walk-up at 868 Faile Street in the Hunts Point section of the Bronx sold for $1,976,500. The four-story, 17,860-square-foot building contains 21 apartments. The sales team of Scot Hirschfield, Shimon Shkury, Jason Gold, and Victor Sozio, served as exclusive agents for the seller, a private investor, and procured the buyer, a local investor.
A vacant lot at 1164 Greene Avenue in the Bushwick section of Brooklyn sold for $1.1 million. The property features 50 feet of frontage and approximately 11,000 buildable square feet. The sales team of Daniel Tropp, Jonathan Berman, and Mark Spinelli served as exclusive agents for the seller, a private investor, and procured the buyer, also a private investor.
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; Brooklyn Mid-Year and Year-End Sales Reports; Northern Manhattan Mid-Year and Year-End Sales Reports; and the Bronx Mid-Year and Year-End Sales Reports. More information is available at arielpa.com.