NAI Long Island
Farmingdale, NY Gary Pezza, senior director, and Carmine Inserra, princpal, of NAI Long Island, represented the landlord, 222 Star Associates, LLC, to place BL Materials, LLC in an 8,600 s/f industrial building located at 144 Allen Blvd. BL Materials, LLC was represented by Frank Posillico of Alliance Real Estate Corp. in this transaction.
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,