NEW YORK, NY – September 9, 2015 – Ariel Property Advisors has announced the sale of three multifamily properties in the Bronx totaling $4.77 million. The properties are located in the Morrisania, Parkchester and Hunts Point neighborhoods.

Exclusive agents Jason M. Gold, Scot Hirschfield, Michael A. Tortorici and Marko Agbaba represented both owners and procured the buyers.

• 868 Faile Street

The property is a four-story, twenty-one unit walk-up building located on the South-East corner of Seneca Avenue and Faile Street in Hunts Point. The building contains twenty-one units which consist of 15 2-bedroom apartments and six 3-bedroom apartments. The property sold to a private investor for $2.75 million which translates to approximately $150 per square foot and over $127,000 per unit.

• 614 East 168th Street

The asset, located in Morrisania, is a 27.5’ wide, four story multi-family building spanning approximately 7,912 square feet containing eight two-bedroom residential units. Mixed use zoning affords new ownership the potential to convert the ground floor to retail use. The property sold for $1.265 million which translates to approximately $160 per square foot and $158,000 per unit.

• 1744 Merrill Street

The property is a three-story, walk-up building located on the corner of Merrill Street and Rosedale Avenue in the Parkchester section of the Bronx. The building consists of three one-bedroom units, four two bedroom units and a two car garage. The sale price of $830,000 translates to $165 per square foot and roughly $119,000 per unit. Located just a block away from the Cross Bronx Expressway, the property offers immediate access to Manhattan and the outer boroughs.