PRESS RELEASE: Ariel Property Advisors Announces the Sale of Nine Multifamily Properties for $30.5 Million

NEW YORK CITY—Ariel Property Advisors has announced the sale of nine multifamily buildings on the Upper West Side, Central Harlem and East Harlem for a total of $30.5 million.

The Ariel Property Advisors sales team of Shimon Shkury, Victor Sozio, Michael A. Tortorici, Jesse Deutch, and Marko Agbaba served as exclusive agents for the sellers, real estate investment firms.

“These transactions are a testament to the strength of the multifamily market today and the strong prices such assets are commanding,” said Mr. Shkury, president of Ariel Property Advisors.

Five attached walk-ups at 265-273 West 146th Street, between Adam Clayton Powell Jr. and Frederick Douglass Boulevards in Central Harlem, sold for $11.1 million.  Spanning 125 feet of frontage, together these five-story buildings consist of 47,500 square feet and contain 100 residential units.

A five-story, mixed-use walk-up at 950 Columbus Avenue, between West 106th and 107th Streets on the Upper West Side, sold for $5.1 million, which translates to more than $600 a square foot. The 8,350-square-foot, turn-key property contains 14 residential units and two commercial units. Jeffrey Tanenbaum, of Halstead Property, represented the buyer, a local owner, on this transaction.

A six-story, mixed-use building at 88 East 111th Street , between Madison and Park Avenues in East Harlem, sold for $5 million. The 19,884-square-foot walk-up includes 28 residential units and two commercial units.

A six-story, corner mixed-use walk-up at 1661 Park Avenue at East 117th Street in East Harlem sold for $4.8 million. The 22,436-square-foot building features 34 residential units and one retail unit.

A six-story walk-up at 524 East 119th Street between Pleasant Avenue and the FDR Drive in East Harlem sold for $4.5 million. The 50-foot-wide, 21,100-square-foot building includes 35 residential units and two rooftop antennas.

For more information, please call 212-544-9500: Shimon Shkury, ext. 11, [email protected]; Victor Sozio, ext. 12, [email protected]; or Michael A. Tortorici, ext. 13, [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; and semi-annual sales reports on Manhattan, Northern Manhattan, Brooklyn, Queens, and the Bronx. More information is available at

TAGS: Investment