BRONXVILLE | Commercial Property Sales
Westchester County Commercial Property Sales. Admiral Real Estate Services Corp. recently brokered the sale of a two story retail and office property located at 495 New Rochelle Road in Bronxville, New York. The property sold in an all-cash transaction valued at $2,975,000 to 495 AKH LLC, a Westchester-based investor. The seller was the Estate of Dominick DeGaetano and co-executor JP Morgan Chase.
495 New Rochelle Road is a corner property, located in the Chester Heights neighborhood of the Town of Eastchester with a Bronxville address. The property has 95’ of prime retail frontage on New Rochelle Road as well as 50’ of frontage on Parkway Plaza and shares the block front with CVS. The 9,874 square foot building houses six ground floor retail tenants and six second floor office tenants. The property also has an indoor garage with ten individual units. The property is in the heart of the Chester Heights retail district which caters to the Bronxville, New Rochelle, Pelham and Eastchester shoppers.
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Admiral Real Estate exclusively represented the seller and identified the buyer. Prior to sale, the property was managed by a third party asset manager. The property had significant deferred maintenance and the buyer plans on investing substantially in the physical plant. Rents in the building were below market due to the condition of the property.
According to Admiral, “Due to its superior location and Bronxville address, there was considerable interest in the property. We received 20 highly qualified offers in only 10 days of marketing. We continue to see buyers execute quickly without contingencies to lock in transactions as sellers take advantage of the high level of liquidity in the market”.
The sale occurred at a cap rate of 6% on in-place income, roughly $302 per square foot reflecting the significant upside in the property.
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Admiral Real Estate Services Corp. is a commercial real estate brokerage firm, offering investment sales, agency leasing and tenant representation services. Based in Westchester, the company currently lists and/or manages over 100 retail, office, and development properties in the New York metropolitan area.
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BRONXVILLE, NY – a walkable, well-heeled New York City suburb. Located only 15 miles north of Manhattan, the Village of Bronxville NY is one of the wealthiest suburbs of New York; the average household income in 10708 is over $172,000. The Village’s schools consistently rank among the best in Westchester County, one of the reasons for its high home values. Concentrated in one square mile, Bronxville NY is a uniquely walkable village. Homes and apartments are within waking distance of town, where shoppers can walk between grocery store, movie theater, restaurants, boutiques, offices, banks, salons, fitness and dry cleaners all within a couple of blocks. With its beautiful architecture, Bronxville offers an old-world version of the in-town, transit-oriented living that continues to rise in popularity, while still providing easy access to Westchester County’s myriad parks and outdoor spaces.