Brooklyn, NY Investment Property Realty Group (IPRG) brokered the closing of 445 Henry St. in Cobble Hill for $6.4 million, or $1,142 per s/f.
This 24-ft.-wide, vacant five-family multifamily property totals 5,600 s/f and consists of five apartments. The building requires a full renovation.
IPRG brokers Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring and Samantha Katz represented both 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,