Friday, April 3, 2015

Four Westchester Buildings Sell for $12 Million in Multiple Transactions; Northeast Private Client Group Represents Buyers and Sellers


Edward Jordan
WHITE PLAINS, NY, April 3, 2015 -- Investment sales broker Northeast Private Client Group has announced the sale of four buildings located in lower Westchester County, New York.

 Edward Jordan, JD, CCIM, the firm’s managing director, and Steven Dambrosio of the firm’s White Plains office, exclusively represented the sellers and sourced the buyers in multiple transactions totaling $12,000,000; all of the transactions closed during the first quarter of 2015.

“The success of these transactions is the direct result of our relationship approach to investment sales,” said Jordan.  “Leveraging our multi-state platform we were able to create competition and source the most qualified buyers for each of these assets.”

Steven Dambrosio
On March 31, Northeast Private Client Group closed the sale of 106 Locust Hill Avenue, a 42-unit multifamily property located in Yonkers, NY.  The seller, JAM 3 Property LLC of Bedford, NY, transferred to the property to a Yonkers-based investor for $4,550,000.  This price equates to a price per unit of more than $108,000 and a capitalization rate of 7.6% on the current net operating income. 

On March 26, Jordan and Dambrosio closed the sale of 6 East Sidney Avenue in Mount Vernon, NY.  The 27,000-square foot property includes six stores and 24 apartments.  The seller, Trion Real Estate Management of Yonkers, NY, transferred to the property to a Bronx-based investor for $3,150,000.  This price equates to a price per square foot of more than $116 and a capitalization rate of 7.7% on the current net operating income.  

Northeast Private Client Group closed an earlier transaction for seller Trion Real Estate Management on January 22 with the sale of 5 West 4th St in Mount Vernon, NY.  The 34,000-square foot property, comprising three stores and 36 apartments, was sold to a Bronx-based investor for $3,200,000.  This price equates to a price per square foot of more than $94 and a capitalization rate of 7.9% on the current net operating income.  

Finally, Jordan and Dambrosio sold a nine-unit multifamily property located at 259 Webster Avenue in New Rochelle, NY.  The transaction closed on January 30 between two private Westchester investors at a price of $850,000.  This price equates to a price per unit of more than $94,000 and a capitalization rate of 6.5% on the current net operating income. 

“Westchester multifamily and mixed-use assets are trading at record pricing,” said Dambrosio.  “Local owners and investors benefit from our long-term relationships, competitive process, market knowledge and history of successful transactions.”

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