Collaborative Group
Manhattan, NY Collaborative Group’s Andrew Natter and Hal Fuchs represented both the buyer and seller in the $13 million sale of 1685-1687 1st Ave. The six-story, mixed-use walkup has 40-ft. of frontage on 1st Ave., spans 16,889 s/f and includes two retail stores and 27 residential units.
The buyer, Jared Pinchasick of Jam Real Estate Partners, plans to re-position the asset through high-end renovations and adding bedrooms as most of the residential units have the capacity to be up-converted due to good light and air and their box-like layouts. The seller was the Punnett family.
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,