Holtsville, NY Metro Realty completed two commercial real estate sales transactions.
Jeremy Hackett of Metro Realty sold 7,200 s/f at 40 Corporate Dr. to Advanced Cable Concepts Inc. for $2.8 million. Hackett represented the seller, 40 Corporate Dr LLC, and Ralph Perna of Schacker Realty represented the buyer.
And in Amityville, Nicholas Romano of Metro Realty Services sold 8,360 s/f at 25 Seabro Ave. to Robert Birnbaum for an undisclosed price. Romano represented the seller, Bridge Corp 96, and the buyer.
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,