Ariel Property Advisors successfully brokered the sale of a multifamily portfolio in Morris Heights, Bronx for $14.7 million. The six-building portfolio consists of 203 units and was sold to an undisclosed buyer by a long-term owner.
The properties, which include five walk-up buildings and one elevator building, span over 188,721 gross square feet. The unit mix includes 19 studios, 93 one-bedroom apartments, 50 two-bedroom apartments and 38 three-bedroom apartments. These buildings also have the added benefit of J-51 tax incentives that will remain in effect until their expiration in either 2034 or
2035.
Located at addresses such as Harrison Avenue (1812), Creston Avenue (2094), Morris Avenue (2078), Walton Avenue (2195 &2201) and East Tremont Avenue(1), this portfolio was exclusively marketed by Ariel’s team led by Victor Sozio along with Daniel Mahfar,
Shimon Shkury,
Jason Gold,
and Jake Brody on behalf of the seller.
This recent transaction marks another successful deal for Ariel Property Advisors’ expert team.
