News:
Brokerage
Posted: January 18, 2008
Licensed real estate broker Heine sells the 25-unit Linwood Apartments for $1.175 million
On behalf of the seller, 277 Linwood Manor LLC, Brian Heine, a licensed real estate broker, completed the sale of the 25 unit Linwood Manor Apartment Complex at 277 Linwood Ave. for $1.175 million.
Linwood Manor is located in Buffalo's Delaware District, the prime residential and rental market in the city. Nearby is the downtown financial district, Buffalo General Hospital, and the Roswell Park Cancer Institute. This classic postwar apartment building consists of a mix of one and two-bedroom apartments with off-street parking and was fully occupied and in excellent condition at the time of sale.
Significant price appreciation has recently occurred in the area's apartment market and the Linwood Manor sale price here represents an 80% premium to what the seller paid for the property in 2004. Heine acted as exclusive agent for the seller and reflecting the strong investor interest multiple offers were received from across the country.
The buyer was a Los Angeles investor completing a 1031 tax deferred exchange. The buyer was represented by Michael Hananel of Horizon Realty of West Hollywood, California.
Tags:
Brokerage
MORE FROM Brokerage
Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site
Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
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,
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
