"The sale works out to roughly $546,000 per unit and about $565 per square foot, indicating strong investor interest in the property despite market conditions."
"Transactions like 73 Starr are surfacing as investors chase stabilized, tax-advantaged stock while ground-up development runs into headwinds, signaling ongoing capital circulation."
"421-A new construction deals continue to see strong demand, especially when the basis makes sense, reflecting the current market dynamics in North Bushwick."
Parkview Properties acquired 73 Starr St. in North Bushwick for $13.1 million, a five-story building with 24 units. The sale price translates to approximately $546,000 per unit and $565 per square foot. The property benefits from a 421-a tax abatement, ensuring long-term tax savings. The transaction reflects a trend where investors seek stabilized, tax-advantaged properties amid challenges in new developments. Despite ownership changes, rent adjustments are not guaranteed, as new landlords may reassess leasing strategies.
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