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Ariel Property Advisors Closes on Sale of Seven Bronx Multifamily Properties for over $15M

Ariel Property Advisors has announced the sale of two Bronx transactions totaling $15.325 million—the St. Ann’s Portfolio, comprised of six multifamily buildings in Mott Haven, and 1701 Parkview Avenue, a new construction multifamily building in Pelham Bay.

“The attractive metrics for these deals are good indicators of pricing for older and new construction multifamily properties in dynamic areas of the Bronx,” said Daniel Mahfar, a Director of Investment Sales who specializes in the Bronx market. “The St. Ann’s Portfolio is in the heart of the South Bronx near major on-going and completed new residential developments, and 1701 Parkview is a rare asset, a sizable new construction residential building in the desirable neighborhood of Pelham Bay.”

Jason M. Gold, a Director of Investment Sales who also serves on the Bronx team, added, “These recent sales demonstrate the expertise of our Bronx team in marketing properties throughout the borough. Ariel continues to be a market share leader for multifamily properties sold in the Bronx in recent years and, in 2022 alone, we sold 40 multifamily buildings with 1,480 units totaling 1,572,345 square feet and valued at $255 million. One of our most significant deals last year was an affordable housing portfolio that traded for $107,500,000.”

The following are details about the latest two transactions:

St. Ann’s Portfolio, six multifamily buildings at 225, 278, and 282 St. Ann’s Avenue, and 510, 518, and 605 East 138th Street, was purchased by Heritage Affordable Communities for $8.625 million, which translates to $107 per square foot and $100,290 per unit. The seller was Castellan Real Estate Partners. The buildings encompass over 80,000 square feet and include 82 residential units and four commercial units.

Ariel’s Founding Partner Victor Sozio served as lead broker for the sale, working with President and Founder Shimon Shkury, and Investment Sales Directors for the Bronx Jason M. Gold and Daniel Mahfar.

1701 Parkview Avenue is a new construction, seven-story apartment rental that sold for $6.7 million, which translates to $318 per square foot and $304,545 per unit. The 21,042-square-foot elevator building near Pelham Bay Park is fully occupied and includes 11 one-bedrooms, 10 two-bedrooms, and one, three-bedroom unit in addition to 11 parking spots. The property also benefits from a 421-A tax exemption.Ariel Investment Sales Director Daniel Mahfar was lead broker, supported by Investment Sales Director Jason M. Gold and Founding Partner Victor Sozio.

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