Upper Manhattan Affordable Housing Portfolio Sells for $45 Million

Ariel Property Advisors recently facilitated the $45 million sale of Hudson View II and III, an affordable housing portfolio located in Upper Manhattan, New York City. This transaction involves four buildings situated at 520 W. 145th St., 528 W. 145th St., 1704 Amsterdam Ave., and 502-504 W. 145th St. The portfolio is significant for its contribution to the city's affordable housing stock, comprising 129 Section 8 residential units. Additionally, the properties include 11 retail spaces, adding a commercial component to the deal.

Victor Sozio, Shimon Shkury, and Remi Mandell from Ariel Property Advisors represented the undisclosed seller in the transaction. The identity of the buyer and their representative were also not disclosed. This sale underscores continued investment activity in New York City's affordable housing sector, particularly for properties designated under the Section 8 program, which supports low-income tenants. For developers and investors, such transactions highlight opportunities in preserving and recapitalizing existing affordable housing assets within dense urban markets.