
Bohemia, NY Zere Real Estate Services was instrumental in selling an exclusive property at 1645 Sycamore Ave. in Suffolk County. The property is in the MacArthur Airport Veterans Memorial Highway Business Corridor. The building is a 12,000 s/f free standing commercial industrial building. The purchase price was $1.8 million.
Michael Zere, executive vice president of Zere Real Estate Services represented the seller, Tri-State Moving Services while Robert Clark of Charles Ruttenberg Realty represented the buyer, MCI Solutions Inc.
“This industrial building was in excellent shape, with great loading capacity and offered a variety of transportation options for warehouse distribution and easily accessible to transportation arteries such as Sunrise Highway, the LIE Long Island Expressway and Veterans Memorial Highway,” said Zere.
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,