Cheektowaga, NY Patricia Collins, broker/owner of Tudor Collins Commercial Real Estate brokered two sale transactions totaling over $860,000.
3620 Harlem Rd. (Cardinal Building) was sold for $647,500. The seller was Shaw Partners and the buyer was Anthony Trusso from Tru Development. The 12,000 s/f two-story office building is a fully leased investment for Tru Development.
In West Seneca, 1335 Orchard Park Rd. a 3,256 s/f former dental office was sold by Dr. Robert Jenkins to 1335 Orchard Park Rd., LLC. The building will be renovated into a new use by the buyer. Sale price was $215,000. Daniel Sauer from WNY Real Estate represented the buyer.
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,