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 152nd St., East 151st 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.