Syracuse, NY Erin Development Manager LLC sold 477 James St. to Profit Properties LLC for $455,000. The new owners plan to rehab the building and do a full apartment conversion.
Matt Funiciello of JF Real Estate represented the purchaser and Zachary Johnson of Hunt Real Estate represented 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,