Troy, NY According to Berkshire Hathaway Blake Commercial Division, two buildings located downtown, sold for $2.1 million. The properties contain 30 apartments and nine commercial spaces. The buyer is an undisclosed investment group from downstate. The cash deal closed Oct. 30.
Jesse Tranvaag of Berkshire Hathaway Blake Commercial Division acted on behalf of the buyer.
The buildings at 455-471 Fulton St. and 97 4th St. were sold to the investors through 144 Property Group LLC.
According to Tranvaag, this is the first Upstate real estate purchase for the buyers, who also own properties in Manhattan, Brooklyn, Florida and Texas. They learned about Troy through a friend of the family. “We spent quite a few hours just walking around Troy last February,” Tranvaag said. “The charm really took them by surprise—the overall community vibe they got there and the feeling that Troy is moving in the right direction.” He said, “They look at emerging markets. They like to have fun and find some creative buildings.”
The two buildings have some vacant apartments and storefronts that will be upgraded to draw new tenants. Rents are expected to increase with the improvements.
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