NEW YORK, NY – July 24, 2017 – Ariel Property Advisors facilitated the sale of a two-building multifamily portfolio in the rapidly expanding Northern Manhattan neighborhood of Washington Heights. The 52-unit package, located at 517 West 180th Street and 570 West 182nd Street, sold for $15.8 million, which represents an impressive $423 per square foot.

Spanning a total of 37,305-square feet, the portfolio contains fifty-one (51) residential units, consisting of ten (10) one-bedroom units, twenty-seven (27) two-bedroom units, thirteen (13) three-bedroom units, and one (1) five-bedroom unit. Among the units, thirty-nine (39) are rent stabilized, and twelve (12) are free market.

Exclusive agents Michael A. Tortorici, Victor Sozio, Matthew Gillis and Shimon Shkury represented the owner and secured the buyer, both private investors.

“Washington Heights is one of the most transactional multifamily submarkets in the city and this sale speaks to the enthusiasm investors have for the neighborhood,” said Michael A. Tortorici, Executive Vice President at Ariel Property Advisors.

The buildings are also in close proximity to several major development projects, which includes Youngwoo & Associate’s 212-key hotel and office building. Spanning more than 214,100 square feet, the project will break ground aside 517 West 180th Street on Amsterdam Avenue, serving as a major attraction to the area.

Washington Heights is a vibrant neighborhood bustling with culture, attractions and institutions, including Yeshiva University and Columbia Presbyterian Hospital, and Highbridge Park on Amsterdam Avenue. The properties also enjoy easy access to lower Manhattan and outer borough locations via the 1 train on St. Nicholas and the A train on Fort Washington Avenue.