
Queens NY According to Forest Park Properties, the firm has handled the sale of 109-02 Jamaica Ave. The sale price was $1.06 million.
Raymond Mordekhai of Forest Park Properties Inc. represented the seller, 109-02 Jamaica Avenue LLC and the buyer, C & J Jamaica Avenue LLC in the transaction.
The mixed-use corner building is located in the Richmond Hill neighborhood, and contains three apartments and two stores and was a total of 3,000 s/f.
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,