Ares flips Harlem portfolio for nearly double what it paid

Ares Management paid $27M for the West 125th Street properties

Jun.June 22, 2018 05:08 PM

Michael Arougheti and 54-62 West 125th Street (Credit: Ares and Ariel Property Advisors)

Ares Management flipped a five-building Harlem portfolio for nearly double what it paid for in 2012.

The company sold the package at 54-62 West 125th Street for $26.5 million, according to documents filed with the city Friday. The purchase price is much higher than the $14.5 million that the company previously paid.

The properties are five four-story buildings that sit between Lenox Avenue and Fifth Avenue, near the northwestern edge of Marcus Garvey Park. The low-rise properties contain a total of 18 apartments and 10 commercial units, according to city data.

The buyer is Hauppauge-based the Jay Group. It’s unclear whether the company and its signatory, Jacob Kohn, own other assets in New York City. It shares the same business address as nonprofit group New York Youth Club.

The sale continues Ares’ incremental trimming of its multifamily portfolio. Over the past few years, the company has been a consistent trading partner with A&E Real Estate Holdings. The most recent transaction was for a seven-building portfolio in Queens. That sale, which was valued at $82.8 million, added to a multifamily selling spree that included over 40 buildings.

Ares did not immediately respond to a request for comment.

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