22 Condo Units at Gateway Property Offered in Bulk Sale for Nearly $8M

Real Estate In-Depth | June 7, 2018

Gateway Condominiums is located at 257 Central Ave. in White Plains.

WHITE PLAINS—Cushman & Wakefield has been retained on an exclusive basis to arrange the sale of 22 condominium units within the Gateway Condominiums property at 257 Central Ave. in White Plains. The asking price for the bulk package of condominium units is $7.95 million.

A team led by Vice Chairman Thomas A. Donovan, along with Directors Tommy Lin, Eugene Kim and Robert Rappa will represent the seller in all marketing efforts, the brokerage firm stated.

“This package offers an excellent opportunity for an investor seeking to capitalize on the growing demand for amenity-rich residential in close proximity to the Westchester County Center, extensive shopping and restaurant options, major highways and the commuter rail,” said Donovan of Cushman & Wakefield. “The property is also ideal for 1031 exchange.”

Gateway Condominiums is a four-story, 30-unit, elevator serviced luxury apartment building with on-site parking, a gym, picnic area and children’s playground. The bulk package for sale includes 22 free market two-bedroom, two-bath units with a terrace totaling 27,751 square feet, of which two of the units are duplex apartments and all but one are currently occupied. Each unit features a gas fireplace and washer/dryer.

The property is located on the south side of Central Avenue right off the Bronx River Parkway and Cross Westchester Expressway. Gateway Condominiums is a half-mile walk to the White Plains train station and is in close proximity to City Center, the Westchester Mall and Westchester County Center.