The Manhattes Group
Queens, NY According to the Manhattes Group, it has closed the sale of 65-75 Traffic Ave., a 52,000 s/f vacant industrial building in the Ridgewood neighborhood.
The property sold for $9.5 million.
The property was acquired by YYY Realty Co.
Alan Shmaruk and Michael Sherman of The Manhattes Group were the brokers representing the seller on the transaction.
The buyer is a user and acquired the property as a warehouse for its kitchen and restaurant equipment company.
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,