
Cairo, NY The Oak & Avery Group negotiated the sale of Pine Tree Garden Apartments, a 56-unit multifamily complex located at 17 Gina Marie Ave. Anthony Watkins, president, represented the seller, Woodlands at Cairo LLC, a NYC-based fund, and the buyer, Skyhampton Investment Group.
This is the second sale of this asset within three years. The $5.7 million sale price equated to a cap rate exceeding 10% and $101,786 per unit.
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,