C&W/Pyramid
Newburgh, NY Cushman & Wakefield / Pyramid Brokerage Co. (C&W/Pyramid) closed the sale of 15 Governor Dr. and 51 Assembly Way located in Stewart Field. The sale included two buildings with a total of 60,000 s/f on 6.4 acres leased land.
John Coladonato, director of sales at C&W/Pyramid acted on behalf of the purchaser. The seller was represented by John Lavelle of Rand Commercial Services.
The property sold for $4 million.
“This was not an easy deal to close,” said Coladonato, “but because the two NYSCAR brokers on this deal worked closely and diligently to overcome numerous obstacles, it got done,” Coladonato said. “However, we could not have finalized this sale if it were not also for the dedicated efforts of both the seller and buyer who worked together as a team to successfully bring this across the finish line. I am proud to have been a part of this accomplishment.”
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,