
Bronx, NY AEBOV Commercial Real Estate Brokerage sold 616-622 Courtlandt Ave. The 9,000 s/f parking lot was acquired by a local nonprofit for a purchase price of $3.45 million.
The transaction marks the transfer of the property from a long-term investor who held the asset for 38 years.
Daniel Tropp, president of AEBOV Commercial Real Estate Brokerage, represented the buyer throughout the acquisition process. Dave Simone of Concourse Realty Partners 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,