Brooklyn, NY According to The Manhattes Group, they have sold a 11,844 s/f building for $4.2 million.
Michael Sherman of The Manhattes Group acted on behalf of the buyer, 419 16th Street LLC. Neil Dolgin and Michael Blum of Kalmon Dolgin represented the seller, Abead Realty Corp.
Built in 1920, 419 16th St. contains 16 apartments. The property last traded hands in 2009.
The property sold on November 12th, 2020.
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,