
Islip, NY Roger Delisle of Island Associates Real Estate Inc. negotiated and closed the purchase and sale of 417 Main St. The sale price was $1.15 million.
The site is improved with a 5,000 s/f building containing two commercial spaces on the ground floor and two apartments on the second floor. Kuhn Construction, an entity related to the seller, occupies the majority of the ground floor, and both apartments have been occupied by the same tenants for five years. Kuhn Construction has been in the building for over 15 years. The buyer and seller were represented by Island Associates.
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,