Brooklyn, NY Bestreich Realty Group (BRG) handled the closing of 26 Park Pl. in the Park Slope neighborhood. The property sold for $2.325 million.
This 3,000 s/f multifamily has three apartments which were all delivered vacant and priced at $775 per s/f. The building’s dimensions are 20 ft. x 45 ft. and the lot dimensions are 20 ft. x 100 ft. Toby Waring, Derek Bestreich, Luke Sproviero, and Adam Lobel facilitated both sides of the transactions. The seller is RWandlaincourt LLC and the buyers are 26 Park Place 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,