Brooklyn, NY Alpha Realty has completed the sale of 46 Linden Blvd., a four-story apartment building located in the Flatbush neighborhood, for $3.65 million. Lev Mavashev brokered the transaction representing the buyer and the seller.
“The buyer owns two other buildings on the same block and quickly jumped on the opportunity to make this acquisition. Flatbush, especially this area, is quickly gentrifying due to its proximity to transportation,” said Mavashev.
Mavashev also recently negotiated another deal for the same seller in Crown Heights, at 243 Troy Ave., which was purchased by Witnick Real Estate Partners.
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,