Queens, NY Nathan Blatter of Whitestone Realty Group Inc. has closed on the $5 million sale of 21-02 21st St. in Astoria. The property is a corner 75 ft. x 100 ft. lot which was formerly a gas station.
The price was $200 per s/f. Blatter said, “It was such a nice foot print on the corner in a fantastic neighborhood he paid a premium price.”
Whitestone Realty is looking to purchase additional properties.
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,