Brooklyn, NY Bestreich Realty Group (BRG) has brokered the sale of 344-348 Utica Ave. for $3 million in Crown Heights. This mixed-use property is 8,400 s/f featuring five apartments and four retail spaces. The seller was Lennox Gilpin and the buyer was Sammy Aranbaev from SA Realty Holdings. The brokers who facilitated this transaction was Steve Reynolds, Derek Bestreich, and Luke Sproviero of BRG.
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,