Queens, NY Cohen & Perfetto LLP, a boutique real estate law firm with offices in Manhattan and Long Island, closed on a $20 million purchase of 34-37 37th St. in the Astoria neighborhood, on behalf of a long-time client.
The property which consisted of a 70,000 s/f industrial building was purchased from Astoria Ice.
“We are happy to close on this transaction and once again see continued movement in the commercial real estate market.” said Louis Perfetto, Esq., managing partner of Cohen & Perfetto LLP.
The legal team was led by Perfetto, Matia Nikolovienis and Christine Mulryan.
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,