Brooklyn, NY According to Entrepreneur Properties the firm has completed the sale of 1202 Ave. Z in the Sheepshead Bay neighborhood. The property sold for $2.6 million.
The building is a one story commercial building containing five retail spaces.
Mo Ibrahim, senior director at Entrepreneur Properties, represented the buyer and seller.
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,