PRESS RELEASE: Ariel Property Advisors Announces Sale of Metropolitan 1, Elmhurst, Queens, for $38M

NEW YORK, NY—Ariel Property Advisors has announced the sale of Metropolitan 1, a five-building, 311-unit multifamily portfolio in the Elmhurst section of Queens for approximately $38 million.

The Queens portfolio consists of four, six-story elevatored buildings and one, four-story walk-up totaling approximately 234,830 square feet. The properties are located at 41-23 Gleane Street, 37-52 89th Street, 43-23 Ithaca Street, 40-94 Denman Street, and 91-31 Lamont Avenue.

The five-building portfolio, marketed by the Ariel Property Advisors team of Michael A. Tortorici, Shimon Shkury, Victor Sozio, Randy Modell, and Jonathan Berman, was one of two Queens packages sold in this transaction by the seller, a real estate investment group. BRG purchased the two portfolios for more than $68 million.

“It’s rare to see multifamily properties, especially elevatored buildings, in great neighborhoods like this change hands in Queens,”said Shimon Shkury, president of Ariel Property Advisors. “This package is a testament to the strength of the borough from the point of view of both institutional and private clients. So far, 2013 is shaping up to be a record year for Queens in terms of the velocity and pricing of multifamily assets.”

Located in the vicinity of Roosevelt Avenue, the five buildings are a short walk to either the 7 train on Roosevelt Avenue or the M/R train at Elmhurst Avenue.

For more information, please call 212-544-9500: Michael A. Tortorici, ext. 13, [email protected]; Shimon Shkury, ext. 11, [email protected]; Victor Sozio, ext. 12, [email protected]; Jonathan Berman, ext. 20, [email protected], or Randy Modell, ext. 17,[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; 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