News:
Brokerage
Posted: August 15, 2023
Stenson of Brax Realty sells 12-unit apartment building for $4.4 million
Manhattan, NY Alan Stenson of Brax Realty has completed the sale of 228 East 25th St. in Kips Bay for $4.4 million.
The 8,160 s/f apartment building was located between 2nd Ave. and 3rd Ave. and had a total of 12 units.
Stenson represented both the seller, a long-term owner and also procured the purchaser, a group of private investors. This was the first time the property traded hands in over 45 years.
The purchase price equated to a price per s/f of $539 and a price per unit of $366,000. The building was sold with nine of the 12 units vacant and was 75% free market.
Tags:
Brokerage
MORE FROM Brokerage
Horvath & Tremblay Announces Strategic Integration of B6 Real Estate Advisors, Expanding New York City Presence
New York, NY Horvath & Tremblay, a premier real estate services firm specializing in investment real estate brokerage, 1031 exchanges, debt/equity placement, and appraisal & valuation services, announced the strategic integration of B6 Real Estate Advisors into the firm’s growing national platform.
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
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,
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
