Horvath & Tremblay
Kingston, NY Bob Horvath, Todd Tremblay and Jeremy Black of Horvath & Tremblay have completed the sale of Pizza Hut and WingStreet. Horvath & Tremblay represented the seller of the free-standing Pizza Hut and WingStreet, closing at a sale price of $675,000. Pizza Hut and WingStreet fully occupy the 2,340 s/f building located along Ulster Ave. The 10-year, triple-net (NNN) lease, commenced in June 2014 and has 7 years remaining on the current lease term plus one automatic, five-year renewal option.
Pizza Hut has occupied the building since it’s completion in 1974.
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,