Cushman & Wakefield/Pyramid Brokerage Co.
Buffalo, NY According to Cushman & Wakefield/Pyramid Brokerage Co., 459 Broadway LLC has purchased the former Drescher Paper Box building from Drescher Paper Box Inc. The sale price was $800,000.
The 46,193 s/f building on 1.9 acres is located at located at 459 Broadway.
John Ticco, III and Michael Demyan of Cushman & Wakefield/Pyramid Brokerage handled the negotiations for the sale on behalf of the seller.
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,