Brooklyn, NY Bestreich Realty Group (BRG) completed the sale of 2911 Albermarle Rd. in the Flatbush neighborhood for $1.5 million. This development site is located between Rogers and Nostrand Aves. The property offers 12,155 buildable s/f. It sits on a 51.08 ft. x 108.17 ft. lot and is zoned R6 with a FAR of 2.2.
Derek Bestreich, Steve Reynolds, Tom Reynolds, and Brian Underkofler facilitated both sides of the transactions representing the seller, 2911 Albermarle LLC and the buyer, Albermarle Road LLC.
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,