New York, NY According to Raymond Mordekhai, principal broker of Forest Park Properties, his firm was the sole broker in the $6.7 million sale of 129 W 112th St. The seller was Robert Litwin and the buyer was NY Park Holding LLC. The property is a 6,000 s/f vacant lot. The R7-1 zoning allows 21,000 buildable s/f. The sale happened with the approval of the U.S. Bankruptcy Court. The buyer plans to develop the property.
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,