Manhattan, NY Bestreich Realty Group (BRG) brokered the sale of 462 141st St. in Hamilton Heights, Harlem for $1.25 million.
This eight-apartment multifamily is located between Amsterdam Ave. and Covent Ave. The property offers 4,706 s/f at $266 per s/f. All apartments were fully rent-stabilized.
Steve Reynolds, Luke Sproviero, and Kyle Katz facilitated this transaction representing the seller, 462 141 LLC and the buyer, Seth Weissman from Urban Standard Capital.
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,