Ariel Property Advisors arranged the sale of the Harlem River Point Portfolio, an affordable housing portfolio comprised of two elevator buildings with 315 units in East Harlem. The properties traded for a total of $55.6 million. Buyer and seller were not disclosed.
An Ariel team led by founding partner Victor Sozio, president and founder Shimon Shkury, director Alexander Taic, associate director Jake Brody and director Remi Mandell represented the seller.
The affordable housing portfolios span a full riverfront block and include the following:
- Harlem River Point North—Built in 2015, the 179,616-square-foot, 11-story mixed-use building at 1951 Park Ave. includes 173 residential units and two commercial units.
- Harlem River Point South—Built in 2014, the 128,640-square-foot, 14-story multifamily building at 200 E. 131st St. includes 140 residential units.
Both buildings are governed by regulatory agreements and offer numerous onsite amenities for tenants including a gym, laundry, bike storage and a playground.
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