Bronx, NY Investment Property Realty Group (IPRG) brokered the closing of 777 Grote St. in Belmont for $1.15 million. This property is located between Southern Blvd. and Prospect Ave. The lot is built 25 ft. x 125 ft. The building is built 21 ft. x 60 ft., offering 3,780 s/f. This property offers three, vacant apartments and has a driveway easement.
777 Grote St. was sold by Victor White to Builders Group USA. IPRG brokers Derek Bestreich, Steve Reynolds, Brian Davila, and John Loch represented both 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,