Carvi Properties Acquires Westchester Office Campus for $23.5 Million
Real Estate In-Depth | February 22, 2023
IRVINGTON—The historic three-building, 138,000-square-foot Astor Buck Campus has been sold to New York City-based Carvi Properties for $23.5 million.
The deal was announced by Marcus & Millichap. The firm’s Alan Cafiero, Mark Gjonbalaj and Matt Leszyk represented the seller, Stanford Bridge LLC and procured the buyer, Carvi Properties Inc. of New York City.
At the time of the sale, the Astor Buck Campus was 91% occupied by 26 tenants from a variety of industries, including fashion and design, communications, food service and hydroponic farming. There is an organic bakery/café, a large event space with Hudson River views and two parking lots, the brokerage firm stated.
“Designed by Stanford White and built along the Hudson River in 1895, the Astor Buck Campus has a stable rent roll and strong tenant mix led by fashion designer Eileen Fisher,” said Cafiero, who is based in Marcus & Millichap’s New Jersey office. “Renovated multi-purpose workspaces, including live-in artist lofts, light distribution-warehouse space, and customized offices provide a variety of tenant uses. Lease-up of vacant space gives our buyer an attractive upside opportunity and bringing the in-place rents to market rates will help increase cash flow in the near-term.”
The Westchester County Business Journal reports that Tenfold Real Estate Partners Inc advised the buyer, Carvi Properties Inc., on the acquisition and will reportedly stay on to asset manage the property.
“Office generally is a difficult asset class today, but Astor Buck is truly differentiated from most Westchester office products with its neoclassic design, high ceilings, campus like setting and proximity to train” stated Jeffrey Lacilla, a principal at Tenfold in the Business Journal report. “The average return-to-office rate for all office space users in the 10 major metros is about 50% so to best that average you need an above average product and Astor Buck has it in spades.”