News:
Brokerage
Posted: July 16, 2024
Watkins and Algarin of The Oak & Avery Group sell 144-unit The Amberlands Apartments - $31 million
Croton on Hudson, NY The Oak & Avery Group sold The Amberlands Apartments, a 144-unit multifamily complex. This off-market transaction marks the first sale of the assets since their construction in the 1970s. Anthony Watkins, president, and David Algarin, vice president, represented the seller and the buyer in the $31 million all-cash transaction.
The all-cash buyer, moving swiftly to capitalize on this opportunity, finalized the deal at an above-market price, a 4.85% cap rate and an $215,278 per unit.
“We are thrilled to have facilitated this historic transaction,” said Algarin. “The sale of The Amberlands Apartments underscores the enduring appeal of free-market multifamily properties throughout Westchester and the Hudson Valley, and we are delighted to have achieved such a favorable outcome for both parties involved.”
Tags:
Brokerage
MORE FROM Brokerage
Marcus & Millichap brokers $2.8 million sale of free-market mixed-use property in Brooklyn
Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.
Columns and Thought Leadership
Hunt commercial real estate question and answer: Fortune 500 wisdom - by David Hunt
Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
Positive forecast for New York’s pro-housing push? - by Philip Butler
New York’s housing crisis remains a hot button topic despite growing consensus that varied and affordable housing is desperately needed statewide. Governor Hochul has recently introduced several initiatives to overcome N.Y.’s anti-housing
A guide to finding the right NYC property management company - by Sanjay Gandhi
Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional
New York’s streets are full again, and the retail numbers prove it - by Noam Aziz
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
.gif)
September Promotion
