Brooklyn, NY Bestreich Realty Group (BRG) has brokered three sales totaling $8.1 million. The deals include the following:
• The $1.6 million sale of 1283 Nostrand Ave. in the Prospect Lefferts Gardens section. This multifamily is 4,500 s/f and is $355 per s/f. Derek Bestreich and Brian Underkofler represented both sides of the transaction. The buyer was 1283 Nostrand LLC and the seller was OA LLC.
• The $4.7 million sale of 173-175 McGuinness Blvd., a 15,100 buildable s/f development site in Greenpoint. Bestreich, Donal Flaherty, Luke Sproviero and Hakeem Lecky facilitated both sides of the transaction with MPJP LLC being the seller and the buyers were TLV Development.
• The $1.8 million sale of 183 Ainslie St. in the Williamsburg section. This development site is 25 ft. x 111.42 ft., zoned R6B and is $323 per buildable s/f. Bestreich, Sproviero, Flaherty, Justin Zeitchik, and Lecky represented both sides of the transaction. The buyer was 183 Ainslie Street LLC and the buyers were DW-MG LLC.
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,