
Yonkers, NY Rand Commercial negotiated the $3.2 million sale of the former St. Mark’s Episcopal Church property. The 12,000 s/f property will become the new home of Predestined for Purpose Ministries, which plans to expand its community services at the site.
Paul Adler, Esq., SIOR of Rand Commercial represented the buyer. Bill Eisenhut of Cushman & Wakefield represented the seller.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,