Three Major Property Sales Close in Hudson Valley

John Jordan | June 2018

WHITE PLAINS—Three major property sales were reported by area commercial brokerage firms recently that involved multifamily and retail properties in Westchester County and a more than 123-acre site in East Fishkill formerly owned by IBM.

Marcus & Millichap recently announced the sale of a three-property, 104-unit multifamily portfolio in White Plains. The portfolio sold for $45 million, which equates to approximately $433,000 per unit.

The properties are: The Dylan, a four-story apartment building located at 42 Waller Ave.; La Gianna, a five-story property located at 10 Dekalb Ave. and The Reed, a three-story building located at 115 North Broadway.

“The new owner’s strategy is to hold the properties long term,” says Victoria Fisher of Marcus & Millichap’s Westchester office. All three assets were constructed in 2015 in Downtown White Plains.

Fisher and Marcus & Millichap’s Jim Evans represented the seller, the properties’ developer, Lighthouse Living LLC and The Daten Group LLC. Fisher and Evans also procured the buyer, a Westchester-based investor.

Bronx-based Chestnut Holdings has purchased a 19-property retail portfolio in the Bronx, Brooklyn and lower Westchester County for approximately $55 million.

The deal, also reported by brokerage firm Marcus & Millichap, involves 18 retail properties and one vacant lot. The portfolio totals 106,708 square feet of rentable retail space and 493,679 buildable square feet.

Mark Gjonbalaj of Marcus & Millichap’s Manhattan office represented the seller, a New York City family that owned the assets for 30 years, and procured the buyer—Jonathan Wiener of Chestnut Holdings.

Thirteen of the properties acquired by Chestnut Holdings are located in the Bronx and include: 300-312 East 194th St., 2609 Marion Ave., 2172 Crotona Ave., 1671-1687 Macombs Road, 239-245 East Tremont Ave., 408-414 East Tremont Ave., 132-140 Featherbed Lane, 7 East 172nd St., 1434 Jerome Ave., 12-28 East 167th St., 1001-1005 Ogden Ave., 1401-1413 Bronx River Ave., and 1544 East 174th St.

The portfolio also included two parcels in Yonkers at 268-274 Riverdale Ave. and 417-433 Riverdale Ave. The Brooklyn properties are: 191 York St., 416 Crescent St., 578-584 Rockaway Ave., and 104-15 Glenwood Road.

“This was a great value-add opportunity for an experienced operator in the Bronx,” says Gjonbalaj of Marcus & Millichap’s Manhattan office. “Despite the uncertainty floating around the future of retail these days, we quickly generated multiple strong offers and closed at 98% of the asking price.”

In the final significant deal in the region, the former nearly 124-acre IBM West/Bright solar campus in East Fishkill has been sold to RWHPA LLC, a Beacon-based development company, according to McGrath Realty, Inc., a Hopewell Junction-based brokerage firm that brokered the transaction. The property features three flex buildings and 70 acres of development land.

The New York State Economic Development Council, the Town of East Fishkill and Dutchess County government all worked together alongside the marketing team of Kevin McGrath and Rob Buyakowski from McGrath Realty to facilitate the transaction, McGrath Realty stated.

John Jordan
Editor, Real Estate In-Depth