NEW YORK—Ariel Property Advisors has announced the sale of a portfolio of 32 performing notes located primarily in New York City. The package had a total unpaid principal balance of approximately $32.736 million. 

The sales team of Victor Sozio, Shimon Shkury, and Michael A. Tortorici represented the seller and procured the buyer, both financial institutions.

“Demand remains high for the few note portfolios available, as exemplified by this package that we marketed and sold within several weeks,” said Victor Sozio, vice president. “The notes traded just below par, which translates to a single digit yield.”  

The assets in the portfolio were collateralized by multifamily, mixed-use, development, and retail properties located in Manhattan, Northern Manhattan, Brooklyn, the Bronx, Queens, and communities outside New York City.

Ariel Property Advisors recently sold another portfolio for a financial institution consisting of six performing and nonperforming notes, which had a total principal balance of just under $8 million. The notes in that package were secured by mixed-use, multifamily, and retail properties in Manhattan, Brooklyn, the Bronx, and Long Island.

For more information, please call 212-544-9500: Victor Sozio, ext. 12, vsozio@arielpa.com;Shimon Shkury, ext. 11, sshkury@arielpa.com; or Michael A. Tortorici, ext. 13, mtortorici@arielpa.com.

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.