Huge development site, affordable housing portfolio, sold in Brooklyn
Deal brokered by Ariel Property Advisors team
CONEY ISLAND — One of Brooklyn’s largest multifamily transactions this year involving a huge affordable housing portfolio has been announced by Ariel Property Advisors, who brokered the deal. The Sea Park affordable housing portfolio consists of three multifamily properties and one development site on Coney Island. The $150 million transaction just recently closed.
The $150 million transaction represents one of the biggest multifamily deals closed in Brooklyn to date in 2023.
An Ariel Property Advisors team led by founding partners Victor Sozio and Shimon Shkury, along with investment sales director Benjamin Vago and director of research and sales Remi Mandell, arranged the sale of the substantial affordable housing portfolio on behalf of the seller, Arker Companies. The buyers were affordable housing developers Tredway, Gilbane Development Company and ELH Mgmt.