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CLIENT ACCESS
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CLIENT ACCESS
NEW YORK, NY – May 29, 2015 – Ariel Property Advisors has announced it has been retained on an exclusive basis to sell 13 properties in the Bronx which are being sold as one package called “The Continental Portfolio.” The owners, Continental Properties and institutional investors advised by J.P. Morgan Asset Management, are requesting proposals for the portfolio.
Exclusive agents Victor Sozio, Shimon Shkury, Michael A. Tortorici, Scot Hirschfield, Jason M. Gold and Marko Agbaba are bringing the portfolio to market.
The portfolio consists of 13 multifamily buildings, four of which are elevatored and the remaining nine are walk-up properties. Combined, the buildings contain 612 units and have a gross area of approximately 553,304 square feet.
“The Continental Portfolio is poised to benefit from the tremendous demand we’re seeing for Bronx multifamily assets,” said Victor Sozio, executive vice president of Ariel Property Advisors. “Investors will see this as a rare opportunity to acquire significant scale in prime locations throughout the borough.”
The portfolio’s 13 buildings are clustered around four distinct Bronx neighborhoods. Five of the buildings are in the Mount Eden/Mount Hope section, located at 1685 Morris Ave, 1704 Morris Ave, 1711 Morris Ave, 1715-1717 Walton Ave and 1727-1729 Walton Ave. Three walk-up buildings at 1165 Gerard Avenue, 1170 Gerard Avenue and 1236 Grand Concourse are located in the Lower Concourse section of the South Bronx. Four of the buildings are in the University Heights/Fordham section, located at 2226 Loring Place, 2322 Loring Place, 2333 Loring Place and 2442 Morris Avenue. Lastly, 4138 Barnes Avenue lies in the Wakefield section of the Bronx.
Bronx multifamily properties have experienced climbing sales volume and rising prices as of late, according to Ariel Property Advisors’ Multifamily Quarter in Review for Q1 2015. The Bronx saw 49 total sales across 69 buildings, and $340.240 million in gross consideration in the first three months of 2015.
More information is available from the exclusive agents at 212-544-9500: Victor Sozio, ext. 12, vsozio@arielpa.com ; Shimon Shkury, ext. 11, sshkury@arielpa.com; Michael A. Tortorici, ext. 13, mtortorici@arielpa.com; Scott Hirschfield, ext. 16, shirschfield@arielpa.com; Jason M. Gold, ext. 22, jgold@arielpa.com; and Marko Agbaba, ext. 32, magbaba@arielpa.com.
Ariel Property Advisors is a commercial real estate services and advisory company located in New York City. The company covers all major commercial asset types throughout the NY metropolitan area, while maintaining a very sharp focus on multifamily, mixed-use and development properties. Ariel’s Research Division produces a variety of market reports that are referenced throughout the industry.
For press inquiries, please contact our Public Relations Department at 212.544.9500 ext. 19 or via mploc@arielpa.com
The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee the accuracy of any information provided herein. As an example, all zoning information, buildable footage estimates and indicated uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example, and does not necessarily relate to actual vacancy, if any. The value of this prospective investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. The prospective buyer should carefully verify each item of income, and all other information contained herein.
