Ilion, NY Hemisphere Holdings Corp. handled the sale and closing of the Otsego Apartments. Richard Will, president of Hemisphere Holdings was the broker. The sale price was $710,000.
Located at 91-95 Otsego St., the subject is a multifamily property totaling 12 units.
James O’Mahony sold the property to Mohawk Valley Holdings LLC.
The sale closed on December 21, 2021
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,