Highland, NY The Oak & Avery Group completed the sale of three Ulster County properties totaling $9.375 million:
210 Vineyard Ave., a 19-unit multifamily complex purchased by a NYC-based firm, 210 V LLC, sold for $2.725 million;
276 Fosler Rd. and 1399 Rte. 44-55, a 32-unit multifamily portfolio purchased by Royal Management, for $2.65 million; and
3139 Rte. 9W, a 63,000 s/f shopping center in Saugerties, purchased by B Realty Management for $4 million.
Anthony Watkins, president, and David Algarin, vice president, represented the sellers and the buyers in all deals.
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,