NEW YORK, NY – December 5, 2013 – Ariel Property Advisors has announced the sale of a portfolio consisting of three mixed-use properties at 2245, 2259, and 2285 Adam Clayton Powell Jr. Boulevard between West 132nd and West 135th Streets in Central Harlem. The package sold for $4.226 million.

The sales team of Victor Sozio, Shimon Shkury, Michael A. Tortorici, and Jesse Deutch represented the seller and procured the buyer, both real estate investment groups.

The properties, which were gut renovated in 1997 and are subject to HPD regulatory agreements, total 32,025 gross square feet and consist of three, five-story walk-up buildings with a total of 25 residential and four retail units. Of the 25 apartments, five are one-bedrooms units, 12 are two-bedroom units, and eight are three-bedroom units.

“Buyers were quickly attracted to the portfolio’s well-maintained condition and future upside,” said Victor Sozio, vice president of Ariel Property Advisors. “The initial cap rate is about 4.5 percent, but the price per square foot reflects the value-add opportunity for new ownership.”

Steps away from City College, the Columbia Expansion, and Harlem Hospital, the buildings are central to local medical facilities, businesses, and educational institutions. Located in close proximity to the 2 / 3 trains on West 135th and Lenox, and the B / C trains on St. Nicholas Avenue, the properties share easy access to all downtown and outerborough locations.