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
Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron

Navigating the changing landscape of hotel Property Improvement Plans and conversion brands - by Andrew Cameron

When owners are due for a significant Property Improvement Plan (PIP), they must carefully evaluate what the best course of action is. Over the past five years, major hotel brands have become significantly more flexible with their PIP schedules.
Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi

Multi-generational multifamily owners - who’s in and who’s out - by Shallini Mehra and Amit Doshi

Many long-time property owners are divesting from their rent stabilized properties at an increasingly rapid pace. This trend has gained momentum primarily due to the unyielding permanence of rent laws over the past six years and the increasing operating costs that continue to outstrip rent growth. In addition, the judiciary’s elongated timeline in processing evictions and tenant rent challenges,
Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,
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