Manhattan, NY Sean Lefkovits and John Florek of HPNY closed on a $9.2 million off-market sale of 197 Madison St. in the Chinatown neighborhood. The six-story corner mixed-use walk-up building consisting of 20 apartments and four stores is located on the northwest corner of Rutgers St. The building contains 11,300 s/f and traded for $800 per s/f. The layout of apartments are all two-bedroom units. The seller of property was 197 Madison LLC. The purchasing entity was Madison Holdings LLC.
Lefkovits and Florek represented both sides of the transaction.
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,