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Nov. 27, 2013

Ariel Property Advisors Sells Pair of Multifamily Buildings in New York

 By Joshua Ayers, Senior Editor

arielNew York—Ariel Property Advisors announced that it has sold the adjoining properties at 556-562 West 126th Street in New York for $15 million, which comes totals about $284,615 per square foot.

The sale of the pair of buildings, which are steps from Columbia University’s new 17-acre Manhattanville campus, was arranged by the sales team of Shimon Shkury, Victor Sozio, Michael A. Tortorici, with Jesse Deutch representing the seller.

Shimon

Shimon Shkury

“The properties are located in an area that will be transformed by both Columbia University’s new 17-acre campus expansion and the three-acre Manhattanville Factory District under development by the Janus Property Company,” says Shkury, president of Ariel Property Advisors. “Columbia has created an impressive master plan for its new campus, which includes an exciting street level design reserved for retail shops and open green spaces that will further energize the community.”

The two six-story buildings include 39 units. Thirty six of the units have four-bedroom layouts, two have two-bedrooms layouts and one is a commercial unit. About 66 percent of the buildings’ units are occupied below the area’s market rate, which could allow growth in rental rates as the development in the area grows.

The combined area for the buildings is 36,599 square feet.

The $7 billion Columbia University expansion will be bordered by 125th and 124th streets and between 12th Avenue and Broadway and will include more than 6.8 million square feet of teaching, research, cultural and recreational facilities. The area includes the Mink Building, the Sweets Building and the Taystee Building, as well as other retail, residential and cultural locations.

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