Newcomer Ariel expects to double sales volume on strength of rental market

August 26, 2013 10:50AM

Ariel Property Advisors has come far in two years, growing from a staff of 10 to 40 and handling $250 million in business last year.

The investment-property sales firm, which specializes in commercial and rental-apartment buildings in the city’s outer boroughs, is on pace to double its sales volume this year, founder Shimon Shkury said. It has three Manhattan deals in the works, ranging from $30 million to $50 million apiece. Below 96th Street, competition is stiff among Ariel’s adversaries, which include Cushman & Wakefield, Eastern Consolidated, CBRE and Massey Knakal, where Shkury served as a senior broker before branching out on his own. Massey Knakal brokered $2 billion in sales last year, the Wall Street Journal said, citing CoStar data.

But Ariel executives told the Journal that investors’ growing interest in rental apartments will help to boost the firm’s market share. They aim to broker more sales of retail condominiums and for development rights, the newspaper said. [WSJ]Mark Maurer