Ariel Closes Sale of Eight-Building Prospect Park South Portfolio
Ariel Property Advisors closed the sale of a 411,892-square-foot, eight-building, 387-unit affordable housing portfolio situated in the Prospect Park South neighborhood of Brooklyn for $79.85 million, or $193 per square foot. The eight properties in the Prospect Park South Portfolio are located at 816, 682, 672 and 666 Ocean Ave., 280 E. 21st St., 95 and 91 E. 18th St., and 221 Linden Blvd.
An Ariel team of founding partner Victor Sozio, president and founder Shimon Shkury, partner Sean R. Kelly, Esq., directors Remi Mandell and Lawrence Sarn, associate director Nicole Daniggelis and investment sales associate Erik Moloney arranged the sale on behalf of the seller.
“Large-scale affordable housing portfolios in prime Brooklyn locations continue to generate strong interest from institutional and private investors alike,” said Sozio. “Our team was able to navigate the challenges of selling scattered, rent stabilized, pre-war buildings in today’s market by highlighting the portfolio’s accretive assumable financing and the benefits of the 610 amendment that was previously obtained.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout