Hamburg, NY CBRE Upstate NY negotiated the $4 million sale of 3556 Lake Shore Rd. The 164,025 s/f office building is on a 25-acre parcel near Woodlawn Beach State Park along the eastern shore of Lake Erie.
CBRE Upstate NY’s Lida Eberz represented the seller, R&P Oak Hill LLC, in the disposition of the property. The buyer of the property is recorded as 3556 Lakeshore Blvd. Development LLC.
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,