
Queens, NY According to Adam Hajibai, vice president of acquisitions at Klosed Properties, the firm closed the sale of 2034 Palmetto St., located in the Ridgewood neighborhood.
The purchase price was $950,000.
The property consists of six apartments, of which three units will be delivered vacant. Klosed plans to reposition the building by renovating the vacant units. This is the firms second closing in Ridgewood during the end of August. Deal was closed on 8/31/2020.
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,