Bestreich Realty Group
Brooklyn, NY Bestreich Realty Group (BRG) completed the sale of 218 Hull St. in the Ocean Hill neighborhood. This multifamily property sold for $1.35 million which equates to $178 per s/f. This building features 8 two-bedroom railroad apartments. The building is built 25 ft. x 76 ft., offering 7,600 s/f. It sits on a 25 ft. x 100 ft. lot and is zoned R6. It was delivered with one vacant apartment. Derek Bestreich, Steve Reynolds, Tom Reynolds, and Brian Davila facilitated both sides of the transactions for the seller, Velma Boyce, and the buyer, Alex Hakan.
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,