Mamaroneck, NY Houlihan Lawrence Commercial Group brokered the sale of two commercial retail spaces. The neighboring properties, located at 1137 and 1139 West Boston Post Rd. were sold for $2 million.
Bryan Lanza of Houlihan Lawrence represented the seller and owner of Elko Auto Repair, a mixed-use building, as well as the next door property currently home to La Gladys Restaurant II Peruvian Cuisine.
The new owners plan to renovate and convert the auto repair shop and lot into a fine car leasing business, while using the restaurant tenant as an income producing investment.
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,