Manhattan, NY Josh Pomerantz of HPNY completed the closing of a $6.2 million purchase of 1484 Amsterdam Ave. The six-story mixed use walkup building consisting of 28 apartments and two stores is located between W. 133rd and W. 134th St. The building is built 16,000 s/f and traded for $400 per s/f. The layout of apartments are majority two-bedroom units. The seller of property was Manhattan Apartments LLC, and the purchasing entity was 1484 Amsterdam Realty LLC.
Pomerantz of HPNY represented the purchasing entity.
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,