Ariel Property Advisors sells nine-building Bronx portfolio for $19.625 million

Bronx, NY Ariel Property Advisors (Ariel) has arranged the sale of the Tegford portfolio, a 249-unit mixed-use package comprising nine walk-up buildings encompassing nearly a city block in the Longwood section of the South Bronx. The rent stabilized portfolio, which was under the same ownership for close to 50 years, traded for $19.625 million, or $120 per s/f.

An Ariel team consisting of Victor Sozio, founding partner; Shimon Shkury, president and founder; Jason Gold, senior director; Remi Mandell, director; Jake Brody, associate director; and Gabriel Elyaszadeh, associate director represented the seller.

The 163,428 s/f portfolio features 237 residential units and 12 commercial units in nine, five-story buildings located along Wales Ave., East 152^nd St., East 151^st St. and Tinton Ave.

“The sale of the Tegford Portfolio is the most recent example of Ariel’s robust activity in the Bronx,” Sozio said. “Our current pipeline consists of a diverse range of asset classes, from development sites and multifamily buildings to commercial and industrial properties.”

Gold said, “This year alone, Ariel’s Bronx team has already closed nearly $100 million in transactions, with another $45 million currently under contract, and we are actively marketing listings valued at $230 million.”

Director Daniel Mahfar along with Gold and Elyaszadeh, who worked on the Tegford portfolio sale, make up Ariel’s Bronx team.