Holbrook, NY Robert Raffa of Island Associates Real Estate closed on a 5,600 s/f industrial condo unit located at 1714 Church St. The unit sold for $1.624 million and is on three acres with a 47,000 s/f building divided into eight units ranging from 4,000-6,000 s/f with some units having both a drive-in as well as a loading dock.
Raffa represented and assisted the seller and the buyer. The unit was owned by a family estate who also owns another 6,000 s/f unit which Raffa is helping to sell.
The buyer is an owner of a fire and compression company in Suffolk county.
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,