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| 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.
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| 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.
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| 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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