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Ariel Closes Sale of Bronx Multifamily Portfolio for $12M
Ariel Property Advisors arranged the sale of a 10-building, 87,899-square-foot multifamily portfolio at 818-862 Beck St. in the Longwood section of the South Bronx. The Beck Street Portfolio sold for $12.1 million, which translates to $144,047 per unit, or $138 per square foot.
An Ariel team of Victor Sozio, Jason M. Gold, Shimon Shkury and Daniel Mahfar negotiated the transaction.
“The sale of the Beck Street Portfolio is a testament that the demand for multifamily properties in the Bronx is still very much intact,” said Gold. “This was an opportunity for an investor to assemble almost a whole city block situated on a quiet street in the South Bronx.”
The 10 adjacent buildings in the package consist of 84 apartments, ranging from one to four bedrooms. The portfolio benefits from a 2B protected tax class as well as favorable zoning, which offers roughly 36,000 square feet of air rights.
- ◦Sale/Acquisition
