Monday, November 4, 2013

Westchester, NY Apartment Building Sells for $2.4 Million

                                                                                                        

Pier Street Apartments, 34 Pier Street, Yonkers, NY

  
WHITE PLAINS, NY, Nov. 4, 2013 – Investment sales broker Northeast Private Client Group has announced the sale of Pier Street Apartments, a 34-unit apartment building located at 34 Pier Street in Yonkers, New York.  

Edward Jordan
Edward Jordan, JD, CCIM, the firm’s managing director, represented both the seller and the buyer in the $2,400,000 transaction, which closed on October 31.   Jordan was assisted by Steven D’Ambrosio, an associate in the firm’s White Plains, NY office.

 “The lower Westchester multifamily market continues to firm up, reflected in greater competition and increasing  values,”  states D’Ambrosio.  “This rebound is driven in part by an influx of New York City investors, who are looking for more sustainable pricing and better returns.”

 The Pier Street Apartments is a well situated four-story brick walk-up built in 1922, comprising a mix of studio, one-bedroom and two-bedroom floor plans.

Steven D. D'Ambrosio
The NY-based buyer purchased the property for a price that equates to $70,588 per unit, which represents a gross rent multiplier of 7.0 and a capitalization rate of 6.5 per cent on current net operating income.  

A planned conversion from oil- to gas-fuel heat will reduce operating costs and increase yield for the new owners.  The seller, King David Management of New Rochelle, NY, intends to focus on commercial properties and larger multifamily opportunities moving forward. 

“The success of this transaction is the result of our relation-based approach to investment sales,” explains Jordan, the firm’s managing director.  “With our regional brokerage platform, we were able to identify the right buyer for this off-market assignment and close the deal.”

For a complete copy of the company’s news release, please contact:

Rick Leonard
203.434.7734

                                                                                                 

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