Capital Property Partners
Bronx, NY According to Capital Property Partners, Toby Moskovits and Michael Lichtenstein of Heritage Equity Partners have purchased a one-story warehouse with residential zoning, in a qualified opportunity zone. The subject, 286 Rider Ave., was sold off-market for $10 million.
Capital Property Partners’ Daniel Rahmani and Michael Saidian represented the buyers, as well as Robert Newblatt, the seller, 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,