Bucher Emhart Glass is one of the world’s leading international suppliers of equipment, controls and parts to the glass container industry and has a long history in the Elmira area.
In a second transaction, John Mikoley and Dave Schiller, agents at Cushman & Wakefield Pyramid Brokerage Co. of Buffalo, sold 25 Boxwood in Cheektowaga, for $610,000.
Mikoley represented The Mattress Firm’s New York State franchise owner in the acquisition of the building. The seller was 25 Boxwood Lane LLC.
The seller purchased the building in 2006 when Metro Community News was still its occupant, and had some term left on its lease. Shortly thereafter, Metro Community News moved to 75 Boxwood.
25 Boxwood Lane LLC engaged Schiller to lease the building subsequently procuring Prestige, a logistics company, stayed at 25 Boxwood for the last 8 years until the building was put on the market last year.
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,