Hawthorne, NY Houlihan Lawrence Commercial has brokered the sale of a 6,500 s/f property at 450 Commerce St. The site offers commercial space along with a two-family home. The property, which sold for $1.55 million, was acquired by Maselli Contracting & HVAC.
The purchaser was represented by Coldwell Banker Signature Properties. The owner was represented by Garry Klein, managing director of Houlihan Lawrence Commercial and Jared Stone, associate broker of Houlihan Lawrence Commercial.
“We’re thrilled to have facilitated the successful transaction of 450 Commerce St. This central location is poised to be a hub for Maselli Contracting & HVAC’s expansion, providing convenient access for their contracting jobs. We’ve worked closely with both the seller and the buyer to realize their goals. This sale underscores the growth potential of Hawthorne’s commercial real estate market, and we anticipate the area’s continued prosperity.”
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,