The Real Deal New York

Sentinel sells Manhattanville rental building for $23M

The six-story property on West 125th St. has 38 apartments
By Miriam Hall | June 19, 2017 03:00PM

Sentinel’s John Streicker and 351 West 125th Street (Credit: Ariel Property Advisors)

Sentinel Real Estate Corporation TRData LogoTINY sold a six-story rental building on West 125th Street in Manhattanville to two Jackson Heights-based investors for $23 million, according to property records filed with the city Monday.

The six-story building at 351 West 125th Street spans 45,945 square feet and has 38 residential units, as well as nearly 8,000 square feet of retail space, according to PropertyShark. Most of the units — a total of 26 — are rent-stabilized, according to the listing from Ariel Property Advisors.

The deed for the sale was signed by Brian Ritter, Sentinel’s managing director.

The buyers appear to be Edward Ostad and Pratik Shah, both based in Jackson Heights. Ostad, a urologist, and Shah signed as tenants-in-common for a $15 million mortgage issued by Signature Bank, according to property records also filed with the city last week. Sentinel paid $9.5 million for the property in the 2010.

An Ariel Property Advisors team led by Victor Sozio represented the seller in the deal. Sozio declined to comment on the sale.

Representatives for Ostad and Shah could not be immediately reached for comment. Ritter declined to comment.

Sentinel, a Midtown-based investment firm, has a portfolio spanning nearly 31,000 apartments and 8.4 million square feet in 88 domestic and international cities, according to its website. Last year, Sentinel sold a Washington Heights portfolio for $101.5 million to Joshua Sternhell and Mike Spira. The firm bought a three-building Brighton Beach multifamily portfolio from Heller Realty for $57 million in 2016.

(To view more of Sentinel Real Estate Corporation’s commercial sales transactions, click here)