East Islip, NY Richie Buono of Island Associates Real Estate brokered the $1.375 million sale of 87–89 West Main St.
Buono represented the seller D’Andrea Brothers LLC, and purchaser JORE2 LLC.
The 4,775 s/f two-story mixed-use property consists of two retail tenants and three residential apartments located on the second floor.
The building was recently renovated in 2023 inclusive of both retail stores, complete new exterior, new mechanicals, and updated all the apartments.
The sellers D’Andrea Brothers LLC engaged a reverse 1031 exchange in order to purchase the former Capital One bank building in Sayville.
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,