Farmingdale, NY According to Suffolk Industrial Properties (SIP), 40 Allen Blvd. sold for $2.4 million last month.
Michael Freedberg, president of SIP represented the seller, Richlin Machinery, while Alliance Real Estate represented the buyer, Ripi Precision.
This is an industrial building, 15,000 s/f with 20 ft. ceilings. The buyer is an investor planning to leasing the building. The building was on the market less than two months.
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,