West Babylon, NY Nick Romano of Metro Realty Services, LLC leased 7,400 s/f at 511 Sheffield Ave. Terms of the lease were not disclosed.
Romano represented the landlord, Robert Birnbaum. Paul Pietrofere of NAI Long Island represented the tenant, Five Star Supply Inc.
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,