Utica, NY The Cushman Wakefield|Pyramid Brokerage Co. has completed the following transactions:
• 248-252 Genesee St.: The 14,484 s/f, four-story, mixed-use building was sold to Bowers Development LLC for $200,000. Michael Conley of CW|Pyramid Brokerage represented of the seller, and David Carnie of CW|Pyramid Brokerage represented the buyer.
• 5186 Route 365 in Verona: A 3.56 acre development site was recently sold. The property, adjacent to the SavOn Gas and Convenience Store in front of Turning Stone Casino and Resort was sold to 5186 Rt 365 Verona LLC. The new owner plans to develop a hotel and restaurant. Michael Kalet of CW|Pyramid Brokerage exclusively represented the marketing of the property and facilitated the sale on behalf of the seller, Della Fern Davis.
• 329-331 Oriskany Blvd. in Whitesboro: Cameron Transport Corp. leased 1,600 s/f. Conley exclusively represents the marketing of the property and facilitated this lease on behalf of the landlord.
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,