Manhattan, NY Investment Property Realty Group (IPRG) negotiated the sale of Tompkins Sq. portfolio (five buildings) for $29 million.
The five buildings (141 Ave. A, 440, East 9th St., 438 East 9th St., 413 East 9th St., and 153 Ave. A) contain 68 apartments and seven retail stores totaling 31,382 s/f in the East Village.
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,