Brooklyn, NY Hodges Ward Elliott (HWE) arranged the closing of the 196-key Hilton Brooklyn New York and the accompanying retail at 71 Smith St. at the nexus of downtown Brooklyn and Boerum Hill.
An HWE team comprised of Jay Morrow, Carolina Bernal, Coby Campbell and Mackenzie Melikian represented the seller in the deal.
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,