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September 17, 2019Cart

Business

by Westchester County Business Journal
by WCBJ

Macquarie buys 77 units in The Cambium, Larchmont, for $43.5M

An affiliate of Macquarie Group Ltd., an Australian investment bank, has purchased 77 condominiums in The Cambium, Larchmont, for $43.5 million.

Cushman & Wakefield, the seller’s agent, described the transaction as a “rare bulk condominium sale outside of the Manhattan market.” The Cambium is an appealing investment because it is close to New York City, near public transit and establishes a presence in a housing market that has a high barrier to entry, Cushman said in a news release.

The condos are at 10 Byron Place, near Metro-North Railroad’s Larchmont station and Interstate 95. The 8-story, 147-unit building includes two penthouse levels, a parking garage, fitness room, reading room, children’s playroom and other amenities.

Cushman did not identify the seller or new owner but did say the buyer was a private equity division of an international financial institution. A deed recorded on March 13 shows the buyer as Northeast Property Owner Inc. of Manhattan.

Northeast is affiliated with the Macquarie Group, based in Sidney, Australia. The seller was Byron Place Associates LLC, managed by Ceres Realty Group of Katonah. The property was developed by William Neville & Sons of Wexford, Ireland.

Northeast paid an average of $565,044, per unit. Prices listed by the Cambium for nine of the condos that Northeast bought ranged from $649,000 for a 1 bedroom, 1.5 bathroom 999-square-foot unit to $1,875,000 for a two bedroom, 3.5 bathroom 2,995-square-foot penthouse.

Northeast has already sold at least one condominium, for $1.3 million, to a Larchmont couple.

The investment bank’s Macquarie Infrastructure Corp. was selected last year by then-County Executive Robert P. Astorino to operate Westchester Airport in a $1.1 billion public-private partnership.

The Cushman team that handled the transaction includes Kevin Donner, David Bernhaut, Ryan Dowd, Gary Gabriel, Andrew Merin, Brian Whitmer and Adam Spies.