Sub Markets

Property Sectors

Topics

New York & Tri-State CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New York & Tri-State  + Uptown/Bronx  + Apartments  | 

Ariel Arranges Sale of Harlem Affordable Portfolio

Ariel Property Advisors arranged the sale of the Harlem River Point Portfolio, an affordable housing portfolio comprised of two elevator buildings with 315 units in East Harlem. The properties traded for a total of $55.6 million. Buyer and seller were not disclosed.

An Ariel team led by founding partner Victor Sozio, president and founder Shimon Shkury, director Alexander Taic, associate director Jake Brody and director Remi Mandell represented the seller.

The affordable housing portfolios span a full riverfront block and include the following:

  • Harlem River Point North—Built in 2015, the 179,616-square-foot, 11-story mixed-use building at 1951 Park Ave. includes 173 residential units and two commercial units.
  • Harlem River Point South—Built in 2014, the 128,640-square-foot, 14-story multifamily building at 200 E. 131st St. includes 140 residential units.

Both buildings are governed by regulatory agreements and offer numerous onsite amenities for tenants including a gym, laundry, bike storage and a playground.

Connect

Inside The Story

Ariel Property Advisors

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
New call-to-action