It may come as no surprise to trackers of Westchester County’s commercial real estate market, but data on the largest sales of 2018 show that apartment buildings are worth big money.
The Business Journal compiled a list of this year’s top 11 property deals in Westchester, as of the end of November, using data from Real Capital Analytics provided by CBRE Group Inc. In a year in which developers built or planned thousands of new apartment units throughout the county, investors spent large sums of money on existing apartment towers and complexes.
Westchester’s two largest deals of 2018 involve apartment properties. The buyer in the third-largest deal, meanwhile, plans to convert office space to apartments.
Jeffrey Dunne, a vice chairman at CBRE, said the year marked a continuation of several trends for Westchester.
“Apartments remain of interest to investors and Westchester County has a somewhat limited supply,” Dunne said. “The office trades often have a value-add or change of use component. A lot of what you are seeing is older, less-functional office space being repurposed into mixed-use apartments or retail projects.”
11. 20 S. Broadway, Yonkers
Price: $26 million
Westchester County property records show this 130,000-square-foot, 12-story office building traded in September for an even $26 million. The property, near the corner of South Broadway and Hudson Street, was sold by 20 S. Broadway LLC, a holding company that listed 20 S. Broadway for its address in the transaction. The buyer is Yonkers Center LLC, a holding company that listed a care of address in the Bronx.
10. Future Wegmans site, Harrison
Price: $26.5 million
closed on three empty office buildings on Corporate Park Drive in January. Rochester-based Wegmans has already knocked down the buildings — 106, 108 and 110 Corporate Park Drive — and is doing site work for a 125,000-square-foot grocery store on the 20-acre site. Normandy Real Estate Partners was the seller.
Newmark Knight Frank Managing Director Christopher Cortese represented Wegmans on the deal. Normandy was represented by NKF Executive Vice President Michael Cottle, senior managing directors Jessica Curtis and Peter Fine, and director Nick Marona.
9. The Apex at 290, Elmsford
Price: $33.8 million
opened this 81-unit apartment building at 290 E. Main Street in the summer of 2017. In February, the company sold the property for $33.8 million to an affiliate company of the California-based national property manager JRK Property Holdings. The apartments, overlooking Route 119, are a mix of one and two bedrooms. Amenities include a rooftop lounge, fitness center, television lounge and business center.SME Development
8. 527 Riverdale Ave., Yonkers
Price: $36 million
7. The Cambium condos, Larchmont
Price: $43.5 million
6. Lighthouse Living apartment portfolio, White Plains
Price: $45 million
The apartment were developed and sold by David Mann’s Lighthouse Enterprises in conjunction with The Daten Group. The buyer in each deal was an LLC with an address in Bedford Hills. Marcus & Millichap’s Victoria Fisher and Jim Evans represented the seller.
5. Reckson Executive Park, Rye Brook
Price: $55 million
The office park is directly on the New York-Connecticut border off King Street in the Rye Brook village. Its 1-6 International Drive addresses include tenants such as Xylem Inc. and The Leukemia & Lymphoma Society’s national office.
CBRE represented SL Green on the deal and procured the buyer.
4. Rivertowns Square, Dobbs Ferry
Price: $69 million
3. Westchester Financial Center/City Square, White Plains
Price: $83 million
Ginsburg has since bought Robert Martin’s share in the property, a company spokesperson told the Business Journal in November. Ginsburg has a proposal under review by the city, called City Square, to convert part of one of the office properties —1-11 Martine Ave. —to 188 apartments. The other building, 50 Main St., would receive extensive renovations. The Valhalla developer’s plans also include adding about 20,000 square feet of retail space and creating a City Square Park in the building’s interior courtyard.
2. Talleyrand Apartments, Tarrytown
Price: $91 million
1. Ridgeview Apartments, Elmsford
Sale: $101 million