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.
"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."
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