Ariel Closes Sale of Rent-Stabilized South Bronx Multifamily
Ariel Property Advisors arranged the $12,150,000 sale of 725-737 Fox St., a rent stabilized multifamily property in the Longwood section of the emerging South Bronx market.
An Ariel team led by founding partner Victor Sozio, director Jason M. Gold, founder and president Shimon Shkury and director Daniel Mahfar represented the seller. The buyer wasn’t disclosed.
The pair of adjacent elevator buildings totals 104,400 square feet and features 106 residential apartments, encompassing 20 studio, 14 one-bedroom, 60 two-bedroom and 12 three-bedroom units. The property’s penthouse units are duplex apartments with balconies offering Manhattan skyline views.
The properties are governed by NYC Housing Development Corporation/Housing Preservation & Development regulatory agreements and each contain J-51 tax benefits.
“The South Bronx has become one of the most attractive areas in New York City for multifamily investment,” said Gold.
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).
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