Hartsdale buildings sell for $7.75M
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- August
- 13
A pair of retail buildings in Hartdale that are home to several restaurants and small businesses have sold for $7.75 million.
John Barrett, director of sales at Massey Knakal Realty Services in New York City, which brokered the transaction, said the deal amounts to more than $375 per square foot.
“It’s an excellent number. It shows the strong value of real estate near the rail lines. The downtowns are still thriving in Westchester,” he said. “The better areas are holding their pricings.”
The buildings, 181-205 and 212-218 E. Hartsdale Ave., are across the street from each other and are a half-block from the Hartsdale Metro-North Railroad station, Barrett said.
The seller was Hartsdale Village LLC of North Salem. The buyer was Hartsdale Village Square LLC of Queens.
“They love the location and they think the Hartsdale village area will continue to do well,” Barrett said.
The buildings attracted 30 offers in less than 90 days, said Barrett, who represented the seller. He said that it’s rare that properties near railroad stations trade on the open market. Instead, they often pass from one generation of a family to another, he said.
Both buildings are fully leased with no vacancies. Tenants of 181-205 E. Hartsdale include Opporto, a Portuguese restaurant, Hartsdale Veterinary Hospital and Cassano’s Pizza Trattoria. Tenants of 212-218 E. Hartsdale include O’Learys Wine & Liquor, Aristocrat Cleaners and Hartsdale Farm.
Combined the two buildings contain about 20,645 square feet, 13 retail spaces and one office space.
Barrett, who lives in Yonkers, said his firm entered the Westchester real estate market three years ago.
This entry was posted
on Wednesday, August 13th, 2008 at 9:10 am by Julie Moran Alterio.
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