News: Brokerage

Safina, Chystyakova and Ryan of CPEX handle $825,000 sale; 6-unit, 4,320 s/f rent-stabilized multifamily building

CPEX Real Estate's multifamily investment sales team arranged the sale of 228 53rd St. in Sunset Park. The subject property is a 6-unit, 4,320 s/f rent-stabilized multifamily building located on a 20' x 100' lot. The building was delivered "as is" with all tenants in place. The sale price was $825,000, or $191 per s/f. CPEX's multifamily sales team, consisting of associate director Stephen Safina and associates Alyona Chystyakova and Thomas Ryan, represented the seller and procured the purchaser. CPEX also sold the neighboring 6-unit building at 224 53rd St. for $800,000. "This is our second 6-unit building sale on 53rd St. over the past three months," said Safina. "We are also representing an owner on 54th St. between 5th Ave. and 6th Ave. That transaction will be closed by the end of January. The Sunset Park market has been a focus of ours due to the initiatives taking place along the waterfront near Industry City. The conversion of industrial buildings into creative office and retail space is a driving force in the demand to purchase multifamily buildings in the neighborhood."
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

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,

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.