Bronx, NY A local private investor has purchased a newly-constructed four-story walk-up building at 1232 Fulton Ave., between East 168th St and East 169th St. in the Morrisania neighborhood for $2.2 million. The 6,800 s/f building consists of eight apartments with free-market status.
Jacob Stavsky of Stav Equities, LLC represented the seller while Reuben Lugassy and Avrami Birnbaum of Twelve Stones Realty procured the buyer in the off-market transaction.
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,