Yonkers, NY The Oak & Avery Group completed the sale of an 11-unit multifamily building at 19 Lawrence St. Anthony Watkins, president, and David Algarin, vice president, represented both the seller, Anthony Chiarello, and the buyer, Jason Stricker, in the $1.85 million transaction.
According to the sales team, “Although stabilized, the building was delivered with seven vacant units, allowing the buyer to quickly reposition and manage accordingly.”
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,