New York & Tri-State + Uptown/Bronx + Apartments | May 16, 2022

Ariel Property Advisors closed the sale of apartment properties in the Bronx and on Mnahattan's Upper West Side for a total of $31 million

Ariel Closes Multifamily Sales in Bronx, Northern Manhattan

Ariel Property Advisors has arranged the sales of two multifamily properties totaling $31 million and located in the Bronx and Manhattan. The firm’s founding partner Victor Sozio and president and founder Shimon Shkury were on the teams handling both sales.

A 93,430-square-foot, 13-story multifamily elevator building at 1514 Sedgwick Ave, in the Morris Heights section of the Bronx sold for $22.5 million, or $241 per square foot. Constructed in 2004, the property contains 96 residential units. Sozio and Shkury brokered the sale with director Daniel Mahfar.

In the second deal, a 31,596-square-foot, six-story multifamily elevator building at 350 W. 110th St. on Manhattan’s Upper West Side of Manhattan sold for $8.5 million, or $269 per square foot. The rent stabilized property consists of 36 residential units. Sozio and Shkury handled the sale together with director Matthew L. Gillis and associate Evan Hirsch.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).