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Ariel’s Latest Deal Momentum

New York Multifamily

NYC multifamily sales are getting off to a strong start this year, says Ariel Property Advisors president Shimon Shkury (right, at the company’s recent Coffee & Cap Rates event with Hudson Cos’ Joe Kohl-Riggs, L+M Development’s Dave Dishy, Synapse Capital’s Justin Palmer, and Taconic’s Kevin Davis). Shimon’s firm has closed Property Resources' Belmont-Venezia Portfolio in the Bronx (178 Project-Based Section 8 units) for $18.6M and 52 units at 453 & 465-467 W 152nd St for $9.3M. And it put into contract 20 units at 61-63 W 108th St. Low interest rates, solid rents, and the perception of NYC as an investment safe haven will maintain the market's strength in 2014, Shimon says. For a copy of "Ariel’s Multifamily Year in Review: NYC 2013" report from our sponsor, which reported 1,230 properties trading for $8.9B, click here. Photo: Sylvester Zawadzki