Bestreich Realty Group
Brooklyn, NY Bestreich Realty Group (BRG) has completed the sale of 454 Myrtle Ave., in the Clinton Hill neighborhood for $2.6 million.
The four-unit property contains 4,882 s/f, throughout three apartments and one store; the price per unit is $650,000 and price per s/f is $533. The seller is Silvershore Properties 8 LLC and the buyer is 454 Myrtle LLC.
Derek Bestreich, Luke Sproviero, Adam Lobel, Toby Waring, Gabriel Kates, and Daniel Shawah of BRG facilitated both sides of the sale.
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,