Fulton, NY BellCornerstone has completed the sale of 607 Phillips St., containing 123,042 s/f, for $4 million.
Greg Cleghorn, associate broker, and Jonathan LaSala, director of leasing, brokered the transaction between the seller, K&N Foods USA, and the buyer, Martens Fresh, LLC.
BellCornerstone was hired in April 2018 to lease or sell the 123,042 s/f property. Using an extensive telecommunications campaign and 3D modelling technology, BellCornerstone generated interest from several parties around the country, and within nine months completed 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,