This three-building walk-up portfolio in the Belmont section of The Bronx, with 77,350 gross square feet, consists of 86 residential units and one retail unit. While all three subject properties were constructed between 1912-1916 and gut rehabilitated in the early 1990’s, only two were part of the Low Income Housing Tax Credit (LIHTC) program - a regulatory agreement which expires in 2022.

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Harlem Multifamily Portfolio Trades for $8.9M - Shimon Shkury, Victor Sozio, Michael Tortorici, and Jesse Deutch of Ariel Property Advisors represented the seller. Mark Griffith and Carlota Sosa of Citi Habitats represented the buyer.

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The subject property is a 50’ wide one (1) story commercial building located on the northeast corner of West 144th Street and Adam Clayton Powell Boulevard. Citibank currently occupies the building on a triple net lease basis with a rent of $15,000 per month. Pursuant to their option to extend in July 2012, the rent is scheduled to be $18,000 per month, or $216,000 annually.

The four buildings have a combined asking price of $11.75 million. Three mixed-use buildings at 2308-2312 First Avenue, which can be sold separately or as one portfolio, feature a total of 35,445 buildable square feet and more than 75 feet of frontage along East Harlem’s First Avenue. A turnkey multifamily building at 172-74 East 106th Street offers a solid return and is a prime 1031 exchange opportunity.

The subject property, a 24.92’ wide mixed-use corner building, consists of 8,585 square feet with two occupied and one vacant retail unit. The residential component is currently functioning as a Single-Room Occupancy (SRO), with the first floor currently vacant. With substantial frontage along two major retail corridors and a significant value-add opportunity for the residential component, this property presents a perfect combination of location and upside.

Ariel Property Advisors is proud to present a portfolio of three Bronx multifamily properties. The package consists of a pair of mixed-use properties in the South Bronx and a multifamily building in the North Bronx. The combined gross income of these buildings is roughly $275,000 with an annual net income of just under $200,000.

The subject property is a (5) five story walk-up building located on Madison Ave between 126th and 127th streets. The building consists of (10) ten units, (9) of which are two-bedroom units and (1) of which is a studio. Currently, nine of the properties units are occupied by a non-for-profit program, Parent Housing.

March 2012 figures were up 14 percent in transaction volume, 27 percent in building volume, and 88 percent in dollar volume compared to March 2011. “These figures reinforce our belief that 2012 will be a very strong year for the multifamily market,” said Shimon Shkury, president of Ariel Property Advisors. “From rising rents to the availability of financing to the scarcity of product, the scales are clearly tipped in favor of sellers.”

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Presenting a rare opportunity to acquire three adjacent buildings on a prime East Harlem thoroughfare, this property is a portfolio comprised of three mixed-use buildings totaling over 75’ of frontage along First Avenue. 2308 & 2310 1st Ave are fully occupied buildings, each four-stories with two commercial and six residential units. 2312 1st Ave is a vacant building that requires renovation and offers unique unit by unit flexibility to investors.