Cushman & Wakefield/Pyramid Brokerage Co.
Tonawanda, NY United Auto Supply has purchased the former BJs Wholesale Club building located at 800 Young St. from CoTops Youngmann II NY LLC. The 105,971s/f building on 10.5 acres sold for $2.95 million.
Robert Cowing, III of Cushman & Wakefield/Pyramid Brokerage Company handled the negotiations for the sale transaction on behalf of the seller and will be the exclusive broker for the property’s remaining leasable space. The negotiations on the buyer’s side were handled by John Clark, SIOR, CRE, and John Mikoley, also of Cushman & Wakefield/Pyramid Brokerage Co.
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,