
Brooklyn, NY 159 Baltic St., a corner mixed-use property consisting of eight apartments and two store fronts sold for $6.9 million. The buyer was Aran Scott and the seller was Nathan Obstfeld. Sean Mashihi and Gabriel Kates, both managing directors of Block Real Estate Group, represented the buyer and seller in 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,