Westbury, NY Mark Timpone of Metro Realty Services sold 25,537 s/f at 120 New York Ave. to Richard Lin for $7 million. Timpone represented the seller, Timothy Beaumont, and Dan Gazzola of Newmark represented the buyer.
And in Medford, Jeremy Hackett of Metro Realty Services sold 2.92 acres at the northwest corner of Zorn Blvd. and Horseblock Rd. to Mico Realty LLC for $1.9 million. Hackett represented the buyer and the seller, Zorn & Sons LLC.
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,