
Queens, NY Investment Property Realty Group (IPRG) negotiated the closing of 51-09 2nd St. in Hunter’s Point for $3.6 million. This property is located on the corner of 51st Ave. and 2nd St. The property offers 12,000 buildable s/f and was delivered vacant. It is zoned M1-4/R6B, LIC with an FAR of 2.0.
51-09 2nd St. was sold by Ed Monaco to Daniel Kaykov of Renovation Group. IPRG brokers Donal Flaherty, Tom Reynolds, Richard Parsons, and Jackson Williams represented the buyer and the seller.
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,