
Yonkers, NY Houlihan Lawrence Commercial has brokered the sale of a building located at 156 Palisade Ave. The buyer, a local businessman, was represented by Jeffrey Landsman, associate R.E. Broker of the Commercial Division. The sale price was $1.6 million. The seller was 156 Palisade LLC from New City.
The property is located at a corner on a prime traffic street. The buyer will enjoy the income generated from seven tenants. This free-market building has upside with upgrades to the existing apartments.
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,