Bestreich Realty Group
Brooklyn, NY According to Bestreich Realty Group, the firm has completed three sales totaling $10.55 million.
• $5.35 million sale of 871 Park Place, an eight-unit building in Crown Heights containing 6,880 s/f. Derek Bestreich, Luke Sproviero, Toby Waring and Adam Lobel represented the buyer and seller.
• $2.8 million sale of 251 Bushwick Ave., a mixed-use property in Williamsburg containing 5,800 s/f. Bestreich, Sproviero, Donal Flaherty, Hakeem Lecky, and Justin Zeitchik represented the buyer and seller.
• $2.4 million sale of 173 Conselyea St., a 7,500 buildable s/f development site in Williamsburg. Bestreich, Sproviero, Lecky, Zeitchik, and Flaherty represented the buyer and seller.
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,