Bronx, NY According to Friedman-Roth Realty Services, they have completed the sale of a commercial building located at 289 East 149th St. The property, located between Morris Ave. and Courtlandt Ave., is a four-story office and retail building and encompasses 7,832 s/f. The building was delivered vacant at closing.
The selling price was $1.68 million.
The seller was represented by Joel Radmin and William Radmin while the purchaser was procured by George Niblock.
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,