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Ariel Property Advisors closes on $31 Million in sales across two multifamily properties in New York City

Ariel Property Advisors has arranged the sale of two multifamily properties totaling $31 million located in the Bronx and Manhattan.

A 93,430-square-foot, 13-story multifamily elevator building located at 1514 Sedgwick Avenue in the Morris Heights section of the Bronx sold for $22.5 million, or $241/SF.

Constructed in 2004, the property benefits from a 421a tax abatement and consists of 96 residential units and 63 parking spaces. Of the residential units, one is a studio, 22 are one-bedrooms, 73 are two bedrooms and 72 have private terraces. The property offers premium views of the Harlem River and runs parallel to the Major Deegan Expressway with access to other major thoroughfares.

The transaction was brokered by an Ariel team including Victor Sozio, Founding Partner; Daniel Mahfar, Director, Investment Sales; and Shimon Shkury, President and Founder.

A 31,596-square-foot, six-story multifamily elevator building located at 350 West 110th Street between Columbus and Manhattan Avenues on the Upper West Side of Manhattan sold for $8.5 million, or $269/SF.

The rent stabilized property consists of 36 residential units, of which 28 are two-bedroom units, seven are three-bedroom units and one is a super’s unit. Fully renovated and offering approximately 12,302 square feet of air rights, the building is well-located one block between Central Park and Morningside Park and is a short walk to Columbia University and public transportation.

The transaction was brokered by an Ariel team including Victor Sozio, Founding Partner; Shimon Shkury, President and Founder; Matthew L Gillis, Director, Investment Sales; and Evan Hirsch, Associate, Investment Sales.

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