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Anthony Watkins, a senior associate with the investment real estate firm, represented the seller and procured the buyer in the $1.8 million transaction, which closed on Feb. 12.
“We have a proven track record of matching our clients with qualified buyers for commercial and multifamily properties,” said Watkins. “In this instance we created a tremendous amount of competition for the asset among Bronx and lower Westchester investors. Our ability to import capital from outside Putnam County contributed to the success of this assignment.”
The lot is located on Route 6N directly across the street from Lake Mahopac. The property comprises two adjacent buildings offering high-visibility street retail, and second floor office space and apartments with off-street parking. Also included in the sale are two separate lakefront parcels currently being used for boat slips.
The seller is a private Manhattan-based investor. The buyer, a Westchester-based investor, purchased the property for a price that equates to approximately $109-per-square-foot, and a capitalization rate of 9 percent.
“With investment properties in New York City and lower Westchester trading at record valuations this year, this offering provides the new owner with a cash-flowing, value-add opportunity within about an hour’s drive,” said Edward Jordan, JD, CCIM, managing director of Northeast Private Client Group.
Northeast Private Client Group Northeast Private Client Group is the fastest growing mid-market investment sales firm in the Northeast, providing unmatched results by combining specialized market intelligence with a relationship-based marketing strategy that caters to clients’ needs. The firm’s collaborative and research-driven solutions are tailored to meet the individual needs of investors across the Northeast who are looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. To learn more, visit their website.
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