Westbury, NY According to Schacker Realty, American Industries Corp. has purchased 689 Main St. for $2.2 million ($210.53 per s/f). The subject property is a 10,450 s/f building. The seller, Aerostructures Long Island was represented by Philip Shwom and Jeffrey Horn of Schacker. American Industries was represented by Horn.
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,