40 Sponsor Units at “The Quincy” in Mount Vernon
Admiral Real Estate recently sold a package of 40 sponsor units in The Quincy, a 138-unit cooperative apartment building in Mount Vernon. The units were sold to Almeida Equities in an all-cash transaction valued at $2,185,000.
The Quincy, located at 11 Park Avenue in Mount Vernon, is a 7-story, 155,911 square foot residential building. Originally built in 1969 by the Lefrak Organization, the property was converted to a cooperative form of ownership in 1989. All but one of the 138 units is residential. The single non-residential unit is a ground floor medical office.
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Admiral Real Estate, exclusively represented the seller, The Cheshire Group, and its partner Sterling Equities. Admiral also identified the buyer, Almeida Equities, a strategic investor in unsold shares and broken condominium projects.
The units were sold at a cap rate of 4.5%, “reflecting the significant upside of selling the units individually on a retail basis. The discounted bulk sale price was reflective of a 60% discount on the rent stabilized units and a 40% discount on the free market units.”
The buyer was able to close the transaction within 35 days of identifying the asset and moved quickly to put the property under a hard contract.
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Admiral Real Estate Services Corp. is a commercial real estate brokerage firm offering agency leasing, site selection and investment sales services. Admiral currently lists and/or manages over 100 retail, office and development properties in the New York metropolitan area, specializing in Westchester County, NY, Fairfield County, CT and Bronx County, NY.
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Mount Vernon Commercial Real Estate | New construction in progress at 22 S. West Street! The only space we currently have available in Mount Vernon is ground level retail or office space beneath 200 luxury residential units. The building sits adjacent to and steps from the MTA Mount Vernon West train station. This stop is slated to undergo a multi-billion dollar renovation in the near future. The site is exceptionally close to the Bronx River Parkway making it’s location ideal for vehicle commuters. Any new tenant will join 7-Eleven and nearby MTA District 6 Police Department. The building also has rare dedicated parking for commercial tenants. For more information on this Mount Vernon retail or office space and other similar properties, contact Haryn Intner, who specializes in this area.