Nanuet, NY Donny Moskovic of Katz & Associates negotiated the sale of 61 Smith St. and 300 East Rte. 59 for a combined price of $7.6 million.
Moskovic represented both the buyer and the seller in this transaction.
These properties have been under the same family ownership since they were built in 1973; this is the first time these properties have changed hands.
61 Smith St. is a 2,500 s/f freestanding Chase Bank.
300 East Rte. 59 is a 30,000 s/f retail building with three tenants;Tile Shop, Carpet, One and Hudson Valley Integrated Medicine.
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,