Brooklyn, NY Bestreich Realty Group (BRG) closed the following:
The $4.55 million sale of 181 Court St. in the Boreum Hill neighborhood. This 6,780 s/f mixed-use property consists of six apartments and one store. Derek Bestreich, Luke Sproviero, and Gabriel Kates facilitated both sides of the transaction. The seller was 181 Court Street Realty LLC and the buyers were Sean Lefkowitz and David Lloyd from Davean Holdings.
The $4 million sale of 216 East 5th St. located between Cooper Sq. and 2nd Ave. This 8,250 s/f multifamily property consists of 12 apartments in which 50% are free market and priced at $485 s/f. Justin Zeitchik, Adam Lobel, and Zachary Ziskin facilitated both sides of the transaction. The buyer is 216 East 5th LLC and the seller is Tri-Star Equities.
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,