Ginsburg's Scarsdale Retail Condo Trades to Investor for $17M
John Jordan | November 29, 2017
SCARSDALE, NY—Ginsburg Development Companies has sold the retail condominium component of its Christie Place mixed-use project across from the Scarsdale Metro North train station.
Knowledgeable sources have informed Real Estate In-Depth that the deal was valued at $17 million. The sale to an unidentified private investor was announced by brokerage firm Holliday Fenoglio Fowler, L.P., which had no comment on any financial terms of the deal. The private investor acquired the retail space located across from the Scarsdale Metro North train station free and clear of any mortgage financing.
The retail component of Christie Place totals 12,731 square feet and is currently fully leased and anchored by Bank of America. Christie Place is also home to Patisserie Salzburg, an upscale European-style café; Julius Michael Scarsdale Hair Salon; Pine Tree Organic Cleaners; Flora Nail & Spa and Chat American Grill.
The retail space is located on the ground floor of the four-story 1 Christie Place residential condominium property developed by Ginsburg Development, which is based in Hawthorne. The 44-unit condominium development and the retail component were both completed in 2008.
The HFF investment advisory team that represented GDC in the transaction included senior director Stephen Simonelli, senior managing director Jose Cruz, managing directors Jeffrey Julien and Kevin O’Hearn and senior director Michael Oliver.
“There is still strong demand for transit-oriented properties of all types,” Simonelli said. “The irreplaceable location coupled with the quality of the tenants attracted interest from both institutional and private investors.”
Ginsburg Development in recent years has focused its investments exclusively on the development and/or purchase of rental residential properties in Westchester County. The firm has recently completed multifamily projects in Yonkers, Hastings and Ossining and has projects in development in Yonkers and Peekskill. In addition, GDC is redeveloping the City Trust Tower Apartments in Downtown Bridgeport, CT.
On Nov. 27, GDC unveiled a new lobby it developed at the Metro, a 124-unit luxury rental apartment building in Downtown White Plains it acquired for $35.25 million from DSF Group in Boston in February of this year.