
Buffalo, NY Ned Perlman of Largo Real Estate Advisors, Inc., secured construction/renovation financing for a former nursing home that will be transformed into an upscale 84-unit multifamily property with luxury amenity spaces. The project will undergo extensive interior and exterior renovations and feature 57-1BR/1BA units, 4-2BR/1BA units, and 23 studios. The improvements have access to the city’s major attractions and interstate highway system.
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,