
Port Byron, NY Hemisphere Holdings Corp. handled the sale and closing of The Church Street Apartments. The sale price was not disclosed.
Located at 27 Church St., the subject contains 39 units. The seller was Port Byron Redevelopment Co., LP, and the buyer was DePaul Acquisitions, LLC.
Richard Will, president of Hemisphere Holdings was the broker for this transaction.
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,