
Manhattan, NY Bestreich Realty Group (BRG) closed the sale of 666 9th Ave. in Hell’s Kitchen for $3.5 million.
This property is located between West 46th St. and 47th St. This mixed-use property consists of eight apartments and two stores and has 7,995 s/f at $437 per s/f. The seller is Angelo Vita and the buyer is Klosed Properties.
Logan Boenning, Justin Zeitchik, Zack Ziskin and Jason Au facilitated sell side while Steven Kachanian, Adam Hajibai and Ryan Elian of Klosed facilitated the buy side of this transaction.
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,