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Ariel arranges sale of four notes - $3.386 million

New York, NY - 2013-11-26

Ariel Property Advisors arranged the sale of four nonperforming notes in the New York metro area with a total unpaid principal balance of $3.386 million, and a package of 421A certificates with a total value of $1.599 million.

* The team of Victor Sozio, Michael Tortorici, and Jesse Deutch brokered the transactions involving the four notes, which were collateralized by retail, multifamily, and development properties located in Brooklyn, the Bronx, Queens, and Westchester. The sellers were financial institutions and the buyers were private investors.

* The team of Sozio, Tortorici, and Shimon Shkury brokered the package of 39, 421A certificates, which were sold by one developer to another developer for $41,000 each. Through the 421A Affordable Housing Program, the city creates private subsidies for the development of affordable housing by generating tax benefits that are sold to developers of market-rate housing in the Geographic Exclusion Area.




Victor Sozio, Ariel Property Advisors

Michael Tortorici, Ariel Property Advisors