Brooklyn, NY According to Klosed Properties’ Steven Kachananian and Adam Hajibai, they have completed the acquisition of 211 Irving Ave., located in the Bushwick neighborhood.
The property traded for $680,000.
The multifamily property consists of six residential units, totaling 4,500 s/f. It is fully occupied with over 150 violations.
Hajibai said, “We are excited to continue growing our presence in Bushwick, Brooklyn, the 6-unit multifamily property shows steady cashflow and future upside potential as the apartments become 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,