Cheektowaga, NY 1370 William Street Property LLC has purchased 3500 Genesee St., from Niagara Chocolates Inc. for $6.5 million. The 129,344 s/f industrial warehouse building is on 8.6 acres.
Robert Cowing, III, associate real estate broker for Cushman & Wakefield/Pyramid Brokerage Company Buffalo, handled the negotiations for the buyer. The seller was represented by Edward Mills of J.R.Militello Realty.
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,