Bronx, NY Peter Cohen and Kennedy Dunn of Refined CRE have completed the $2.45 million sale of 1916 Longfellow Ave. located in the West Farms market.
The corner property had a vested 421a tax abatement and came with approved plans to build a 31 unit residential building. The site also came with excavation and shoring already done so the new developer was going vertical day one.
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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,