GLOVERSVILLE, NY  — MACRE Properties is pleased to announce it has completed its acquisition of 337 Bleecker Street, a four-unit multifamily property located in Gloversville, New York—a historic Catskills city undergoing economic and housing revitalization. The $165,000 off-market acquisition was secured through direct negotiation and features highly favorable seller financing.

The transaction is a testament to MACRE Properties’ process of sourcing off-market deals in smaller submarkets that tend to be overlooked by the institutional investment world. Located just outside Gloversville’s designated redevelopment zone, 337 Bleecker St. is well positioned to benefit from over $35 million in public-private revitalization, including the nearby Glove City Lofts project and the re-activation of South Main Street corridor.

“This acquisition is in a new market for us, although it checks a lot of the boxes for our typical investment criteria with an above-market going-in cap rate, strong current cash flow, and upside in market rents” said Matthew Cianci, Principal at MACRE.

Investment Highlights:

• Purchase Price: $165,000

• Unit Mix: 2x 1BR / 2x 2BR (~2,636 SF total)

• Going-in Cap Rate: 11.0%

Planned improvements include full rehab of two units and a refresh of the exterior and landscaping.

Revitalization Backdrop

Gloversville, once the glove-making capital of the U.S., is experiencing a renaissance after decades of population decline. The city recently secured a $10 million grant via New York State’s Downtown Revitalization Initiative (DRI), funding numerous projects including new residential development, cultural arts venues, and adaptive re-use of decades-vacant commercial buildings.

With a low rental vacancy rate, a sub-$50K median home value, and strong public sector backing, Gloversville offers investors an unusual combination of affordability and upside in rent growth. The market doesn’t yet fully appreciate upstate NY’s turnaround story, yet there are subtle markers of improving fundamentals for deep-value real estate investors.