The Standard Property Company has closed on the acquisition of a 151 unit Hell’s Kitchen affordable housing complex for $110.3. Located at 341 West 50th Street, the Polyclinic Apartments traded for just under $730,465 per unit. All but one of the apartments will stay under a project-specific federal Section 8 voucher program and around 20 percent of the units will be earmarked for homeless New Yorkers. The property was converted from a hospital in 1979. Ariel Property Advisors’ Victor Sozio, Shimon Shkury, Mike Tortorici and Howard Raber brokered the sale and Walker & Dunlop provided a $94 million acquisition loan.
