Ariel Property Advisors Brokers $7.45M Sale of Affordable Housing in Manhattan
- Mar 25, 2011
New York–Shimon Shkury, president of Ariel Property Advisors, says the company has closed on five affordable housing buildings in Upper Manhattan for $7.45 million. The transactions were originated by Shkury and his team while at another firm.
The buildings were among thousands transferred during the New York City’s Department of Housing Preservation and Development’s Vacant Building Program, in which partnerships agreed to completely renovate the properties and enter into regulatory agreements, in exchange for low-interest financing or low-income housing tax credits.
“We’re seeing a lot more regulated buildings come on the market because the owners have reached the end of an initial 15-year compliance period or have expiring J-51 benefits,” Shkury says. “Because owners of these properties will continue to operate under regulatory agreements for a total of 30 years, the prices per square foot and per unit for these buildings are lower than standard rent stabilized units. However, the buildings have tremendous upside and are long-term investments with stable returns.”
The five Upper Manhattan buildings that closed include:
-A 40-unit, six-story, residential elevator building located at 55-57 W. 129th Street that sold for $3.15 million.
-A 16-unit, six-story, residential walk-up building located at 144 W. 144th Street that sold for $1.05 million.
-Two buildings consisting of 30-units in a five-story, residential walk-up located at 216 & 224 W. 141st Street that sold for $1.8 million.
-A 20-unit, five-story, mixed-used building at 2570 Adam Clayton Powell Boulevard that sold for $1.45 million.
“The five buildings in Upper Manhattan are part of a portfolio of Low-Income Housing Tax Credit buildings that our team sold in recent months,” says Victor Sozio, vice president of Ariel Property Advisors. “The portfolio spans three boroughs and also includes properties in Brooklyn and the Bronx.”
Marcus & Millichap lists condo-quality Los Angeles property for $227,727 per unit
Los Angeles–Marcus & Millichap Real Estate Investment Services secured the exclusive listing for the Studio Heights Apartments complex, a 44-unit building in the West Toluca Lake district of Los Angeles. The listing price of $9.8 million represents $227,727 per unit.
Jeffrey Louks, a senior vice president investments, and Daniel Withers, a senior associate in the Encino office of Marcus & Millichap, are representing the seller, Private Investors.
“Ideally located near Studio City, North Hollywood, Toluca Lake and Universal City, this type of high-quality multifamily asset rarely comes to market,” explains Louks. “With a great mix of large one- and two-bedroom units, this complex has in-place assumable financing, making it even more attractive to a broad range of investors.”
Located at 10621 Valley Spring Lane, the 44,352-square foot Studio Heights Apartments was constructed in 1989. The units range in size from 760 square feet for one-bedrooms to 1,037 square feet for two-bedrooms.
Community amenities include a rooftop deck that includes a Jacuzzi, city and mountain views, intercom access, subterranean parking, an onsite gym and an elevator.
“This property has condo-quality units and has a Tentative Condo Tract Map in place for future conversions,” comments Withers. “Studio Heights Apartments is a very unique and desirable investment.”