Ariel Property Advisors

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Shimon Shkury headshot

Location: New York, NY
Industry: Real estate

Building Services – medium

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Ariel Property Advisors

Shimon Shkury
President

DONE DEAL: JP Morgan Chase Asset Management and Continental Properties hired Ariel Property Advisors to implement a strategic marketing process that would maximize their investment in the Continental Portfolio, a set of 13 buildings in the Bronx. “The owner had received offers in the low $80 million range prior to hiring Ariel Property Advisors, but all parties felt a marketing process could generate the best possible results,” says Shimon Shkury, president of Ariel Property Advisors. “Our first step was assembling a team of senior multi-family sales experts and investment sales professionals who specialize in Bronx commercial real estate sales. Our graphics and support teams created high-quality marketing materials and an online due-diligence portal that were designed to streamline the due-diligence process and quickly obtain feedback from buyers.”

Quick Tip: “Big wins, such as our sale of the Continental Portfolio, typically don’t come in one fell swoop. They are more likely the result of pursuing opportunities with meticulous execution and follow-ups over the course of many years.”

BIG IMPACT: “Within four weeks of marketing and touring the properties with prospective buyers, we procured more than a dozen qualified offers,” says Shkury. “We narrowed the buyer pool to several bidders, whose offers ranged between $90 million and $92.5 million, with various terms and qualifications.” Only six weeks after marketing activities began, the seller executed a contract for $90 million with a non-refundable deposit and 90-day closing period. That price is almost double the owner’s 2007 acquisition value.