Bronx, NY According to Forest Park Properties, the firm has recently completed the following transactions:
• 3586 Boston Rd.: Raymond Mordekhai of Forest Park Properties brokered the sale of this 11,000 s/f office building for $3 million. The buyer is a not-for-profit who intends to occupy the building.
• 365, 367, and 369 E. 28th Sts., in Brooklyn: Mordekhai represented both parties in this transaction. The sale price was $2.998 million. The property consists of 9 total residential units. The buildings were built in 2008.
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,