Ariel Property Advisors recently sold the Sea Park affordable housing portfolio in Coney Island, Brooklyn for $150 million to a group of affordable housing developers, including Tredway, Gilbane Development Company and ELH Mgmt. Berkadia and Deutsche Bank provided the financing.
The portfolio included three multifamily properties and one development site in the Coney Island area. The three multifamily buildings – Sea Park North, West and East – collectively comprised 818 units spread across 961,043 square feet. Additionally a development site adjacent to Sea Park North offered potential for a new residential project with up to 153 units spanning 145,602 square feet as well as 250 new holistic affordable housing units catering specifically to seniors.
Victor Sozio led Ariel Property Advisors’ team representing the seller alongside Shimon Shkury , Benjamin Vago , Remi Mandell .
