Bronx, NY Friedman-Roth Realty Services completed the sale of an apartment building located at 348 Brook Ave.
The building, located in the Mott Haven neighborhood, is a four-story walk-up with seven residential units and one retail space occupied by a pizzeria. The building has 25 ft. of frontage and encompasses a total of 6,630 s/f.
This is the first sale of the property in nearly 30 years. The purchase price for this transaction was $1.425 million. Friedman-Roth’s Heshy Kraus represented the buyer and the seller.
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,