Brooklyn, NY EPIC Commercial Realty has completed the sale of a vacant three-story, walk-up located at 303 Harman St. in Bushwick. The frame apartment building features six two-bedroom, railroad–style units. The building is prime for gut renovations.
The property sold for $1.8 million by EPIC sales associate Justin Zeitchik, representing the seller, and CEO Yona Edelkopf of EPIC, representing the buyer.
Situated on a tree-lined block between Knickerbocker and Irving Aves., 303 Harman St. is located one block from M train station and down the street from P.S. 86 The Irvington School. “The building needed a lot work; our investor saw a value ad opportunity. (Harman) sold at a high price per s/f showing the confidence in the future of the neighborhood,” said Zeitchik.
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,