Syracuse, NY CBRE Upstate NY negotiated the closing of three sales that were listed by its brokerage team.
In Broome County, CBRE Upstate NY’s Rick Searles represented the seller, Luciano Piccirilli, in the disposition of 86 Walnut St., a 9,800 s/f office building in Binghamton. The property was sold for $515,000 to The Salvation Army, who were represented by CBRE Upstate NY’s Martin Dowd in the acquisition.
In Onondaga County, CBRE Upstate NY’s Donald French represented the seller of the 22,280 s/f office building at 159 Dwight Park Circle in Syracuse. The property sold for $775,000.
Additionally, CBRE Upstate NY’s Cory LaDuke and Lawrence Papaleo represented the seller, Berkone Inc., in the disposition of the 20,000 s/f office building and 1.2-acre parcel at 4 Adler Dr. in East Syracuse. The property sold for $375,000.
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,