Irvington, NY Jeremiah Houlihan and James Coleman of Houlihan-Parnes Properties arranged the sale of three-story brick apartment building located at 111 North Bdwy. Formerly a mansion, there is a gross floor area of 11,000 s/f containing eighteen apartments, storage areas, and utility meters. There is parking on-site for over 25 vehicles
The property was sold by a Westchester-based investment group for a price of $3.65 million represented by Houlihan.
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,