Chappaqua, NY Houlihan Lawrence Commercial, a division of Houlihan Lawrence, the leading real estate firm serving New York City’s northern suburbs, has announced the sale of 9 Hunts Lane for $1.7 million.
The completely renovated 8,000 s/f building was purchased by a local union pension fund for use as their administrative office. Richard Aponte of Houlihan Lawrence Commercial represented the buyer. Frank Rao of New York Commercial Realty Group represented seller Kevin Cassidy. The two-story building is located on 3 acres.
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,