**Ariel Property Advisors Arranges Sale of Harlem Affordable Housing Portfolio for $55.6M**
Ariel Property Advisors has successfully brokered the sale of the Harlem River Point Portfolio, a two-building affordable housing package located in East Harlem. The properties, which feature a combined total of 315 units, sold for $55.6 million. The identities of the buyer and seller were not disclosed.
The transaction was facilitated by an Ariel team including founding partner Victor Sozio, president and founder Shimon Shkury, director Alexander Taic, associate director Jake Brody, and director Remi Mandell, who collectively represented the seller in the deal.
The Harlem River Point Portfolio spans an entire riverfront block and includes the following properties:
– **Harlem River Point North**: Built in 2015, this 11-story mixed-use building located at 1951 Park Avenue offers 179,616 square feet of space. It comprises 173 residential units along with two commercial units.
– **Harlem River Point South**: Constructed in 2014, this 14-story multifamily property at 200 East 131st Street spans 128,640 square feet and includes 140 residential units.
Both buildings operate under regulatory agreements that preserve affordability and provide an array of onsite amenities for residents, such as a fitness center, laundry facilities, bicycle storage, and a playground.
