New York, NY Investment Property Realty Group (IPRG) have closed on 961 East 167th St. for $1,975,000. This property is located between Southern Blvd & E 167th St.
The lot is built 23 ft x 70 ft and the building is built 25 ft x 75 ft. This mixed-use building consist of 6 apartments and 1 store and has 6,408 total approximate square feet priced at $308 price/sf and $282,143 price/unit.
Derek Bestreich, Luke Sproviero, Steve Reynolds, & Brian Davila facilitated both the buyer and seller in this transaction.
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,