Brooklyn, NY Umar Khan, an investment associate at Greysteel, has brokered the $1.3 million sale of 408 Hancock St. The property is a three-unit multifamily building located in Bedford Stuyvesant. Both the buyer as seller were represented by Khan. The building is 3,500 s/f and was delivered vacant.
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,