Queens, NY Friedman-Roth Realty Services has completed the sale of a commercial building located at 47-02 Queens Blvd. Located in the Sunnyside section, the free-standing property has frontage on three streets with three aka’s in addition to its Queens Blvd. address – 47-01 Greenpoint Ave. and 45-01 47th St. The two-story building has a total of 3,500 s/f and was delivered vacant at closing. It’s the first sale of the property in 50 years and the selling price was $2.7 million. George Niblock, a managing partner at Friedman-Roth, represented the buyer and seller.
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,