Ariel Property Advisors has arranged the sale of a 10-building, 87,899-square-foot multifamily portfolio at 818-862 Beck St. in the Longwood section of the South Bronx. The Beck Street Portfolio sold for $12.1 million, which translates to $144,047 per unit, or $138 per square foot.
An Ariel team of Victor Sozio, founding partner; Jason M. Gold, director, investment sales; Shimon Shkury, president/founder and Daniel Mahfar, director, investment sales, negotiated the transaction.
“The sale of the Beck Street Portfolio is a testament that the demand for multifamily properties in the Bronx is still very much intact,” Gold said. “This was an opportunity for an investor to assemble almost a whole city block situated on a quiet street in the South Bronx.”
The 10 adjacent buildings in the package consist of 84 apartments, of which five are one-bedrooms, seven are two-bedrooms, 45 are three-bedrooms and 27 are four-bedrooms. The portfolio benefits from a 2B protected tax class as well as favorable zoning (R7-1), which offers roughly 36,000 square feet of air-rights.
