Brooklyn, NY According to Venture Capital Properties, the firm has closed the sale of 121 3rd Pl., a four-story walk up multifamily. The 6,580 s/f building contains eight-units, and is in the Carroll Gardens neighborhood. All eight units are rent-stabilized and the building will be delivered with two vacancies.
The sale price was $2.815 million ($428 per s/f).
Kevin Darouvar and Roy Oskar of Venture Capital represented the buyer, Rodney Capital, in this off-market transaction. The buyer plans to hold long-term and renovate the vacant units. The seller was Lynette Antonaros.
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,