
Binghamton, NY Hakimi Capital Group (HCG) has acquired the Colonial Plaza Office Buildings located at 30 & 32 W. State St. and 457 & 477 State St. The four buildings total 71,000 s/f.
The seller was a partnership entity called Colonial Plaza Associates.
The sale price was $1.4 million.
Scott Warren of Warren Real Estate brokered the deal.
HCG is a privately owned real estate investment firm that acquires retail, office, and other commercial properties with a value-add component in all types of markets.
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,