News:
Brokerage
Posted: January 21, 2020
Orlander and Spielman of GFI Realty broker 288-unit apartment complex sale in Poughkeepsie – $35.3 million
Poughkeepsie, NY GFI Realty Services, LLC handled the $35.3-million sale of 134 Innis Ave., a 288-unit garden apartment complex. GFI Realty associate director Josh Orlander represented the seller and Sylvia Spielman, also of GFI Realty, represented the buyer. Both the buyer and seller are local investors and wish to remain anonymous.
Constructed in 1966, the 150,156 s/f property features a mix of 187 one-bedroom units, 97 two-bedroom units and four three-bedroom units.
“This was an off market deal and we were able to identify the right buyer for this well-maintained stable cash flowing asset” said Orlander. “The property is also ideally located within minutes from downtown Poughkeepsie and in close proximity to I-87 and Rtes. 9 and 155.”
“Poughkeepsie is undergoing a revival spurred by rezoning intended to boost residential development” said Spielman. “The buyers recognized the value of acquiring an asset in this market during this period of resurgence.”
Located in the Hudson Valley in Dutchess County, Poughkeepsie is a post-industrial city on the rebound. The city is attracting thousands of tourists annually and developers are streaming into the area bringing about a mini residential boom.
Tags:
Brokerage
MORE FROM Brokerage
NYSCAR June 2026 president’s message - by Mercedes Brien
As I write this letter, we are preparing to be at the Annual Conference being held at the Rivers Casino, Schenectady, New York. I look forward to reporting on the conference in my next letter. We have some great courses coming up via Zoom. Please be sure to keep watch on upcoming courses by visiting nyscar.org/resources and tools/professional development.
Quick Hits
Columns and Thought Leadership
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
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,
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
