Brooklyn, NY Bestreich Realty Group (BRG) has closed on the sale of 31 Orient Ave. in Williamsburg, for $1.85 million.
This three-family redevelopment site is located between Bushwick Ave. and Olive St. The property’s dimension is 25 ft x 52 ft and the lot dimension is 25 ft x 100 ft with a total of 4,400 s/f. It’s zoning is R6B and the FAR is 2.
The seller is 31 Orient LLC and the buyers are Orient Ave LLC. Derek Bestreich, Luke Sproviero, Donal Flaherty, Hakeem Lecky, and Corey Haynes facilitated both sides.
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,