
White Plains, NY Houlihan Lawrence Commercial, a division of Houlihan Lawrence, brokered the sale of 873 North Bdwy. for $1.225 million.
The seller was represented by Garry Klein, regional manager and team leader of Klein Commercial at Houlihan Lawrence. The purchaser was represented by McGrath Realty. The seller was 873 Holding Company LLC, and the purchaser was a local investor.
The property consists of a 3,435 s/f, two-story building situated on a .36-acre lot, with 21 on-site parking spaces. The building was renovated and remodeled as a restaurant and micro-brewery in 2021.
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,