News:
Brokerage
Posted: December 22, 2015
Westreich and Vaknin of Westbridge Realty broker $4.2 million sale; Seven-story rental property located in Rego Park, Queens
Steven Westreich, Westbridge Realty GroupQueens, NY Westbridge Realty has brokered the $4.2 million sale of 64-64 Wetherole St. in Rego Park.
The seven-story newly constructed 10,465 s/f building features eight residential apartments, built as a rental property.
The property was delivered vacant with a 421-a tax abatement in place.
“With a lot of uncertainty surrounding rent-stabilization regulations, this property offered the buyer the ability to command free market
64 Wetherole Street,Rego Park - Queens, NY
rents, with a potential exit as a condo sell off down the line,” said Steven Westreich, president of Westbridge Realty Group who brokered the
off-market transaction with Westbridge’s Hen Vaknin.
Tags:
Brokerage
MORE FROM Brokerage
AmTrustRE secures 5,754 s/f lease with GKV Architects at 360 Lexington Avenue
Manhattan, NY AmTrustRE has executed a 5,754 s/f lease at its premier boutique Midtown East office tower, 360 Lexington Ave., with longtime partner GKV Architects. The award-winning firm will occupy a portion of the 14th floor. >“GKV Architects has been a trusted partner to AmTrustRE for over two decades, playing an integral role in shaping and elevating several
Quick Hits
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
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,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
