NEW YORK, NY – May 2, 2012 – (RealEstateRama) — Ariel Property Advisors has announced the closing of three adjoining buildings at 546-52 West 146th Street in West Harlem for $8.9 million.
Brokers Victor Sozio, Shimon Shkury, Michael A. Tortorici, and Jesse Deutch represented the owner, Harlem 546-146 Associates, L.L.C. Brokers Carlota Sosa and Mark Griffith of CitiHabitats represented the buyer, an international group.
“This listing generated strong activity throughout the process and received close to 25 bids,” said Mr. Sozio, vice president at Ariel Property Advisors. “Interest really escalated at the beginning of the year and we believe this coincided with a general up-tick in the market.” He went on to say the sale price translates to more than $190 per square foot and a cap rate of less than 6 percent.
The three buildings are approximately 46,420 square feet and contain 70 units—eight one-bedroom, 36 two-bedroom, 26 three-bedroom, and three super’s apartments. The buildings offer stable and consistent cash flow, as well as a significant upside in future rents.
For more information, please call 212-544-9500, Mr. Sozio, ext. 12, vsozio (at) arielpa (dot) com, Mr. Shkury, ext. 11, sshkury (at) arielpa (dot) com, Mr. Tortorici, ext. 13, mtortorici (at) arielpa (dot) com, or Mr. Deutch, ext. 18, jdeutch (at) arielpa (dot) com.
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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; Northern Manhattan Sales Report; Northern Manhattan Commercial Report; and the Northern Manhattan Residential Rental Report. More information is available at arielpa.com.
Gail M. Donovan
Director of Communications
Ariel Property Advisors
P: (212) 544-9500 ext. 19
C: (917) 301-5706
E: gdonovan (at) arielpa (dot) com
