
Brooklyn, NY Investment Property Realty Group (IPRG) closed 219-221 Frost St. for $5.5 million. This property is located between Kingsland Ave. and Humboldt St. This property offers 5 apartments, 1 store and a vacant lot. The building is built 25 ft x 78 ft, offering approximately 5,850 s/f. The lot is built 62.5 ft x 100 ft and is zoned R6B, offering approximately 12,500 buildable s/f.
219-221 Frost St. was sold by the Turigiano Family to Arik Bar Chaim. IPRG Brokers Derek Bestreich, Luke Sproviero, Donal Flaherty, Corey Haynes, Thomas Ventura, and Sal Monteverde represented the buyer.
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,