Owners of Juster Development Co. in Tarrytown paid what a broker called a record-setting $4 million for a three-story apartment and retail building at 1179 Yonkers Ave. in Yonkers.
Occupying nearly one full block on Yonkers Avenue and Richfield Avenue, the building contains 20 rent-regulated apartments and seven retail stores. Jamie Schwartz, executive vice president of GHP Office Realty LLC in Harrison, said the purchase price of approximately $200 per square foot is a record rate for a mixed-use building of that type in the area.
Schwartz represented the seller, an unnamed private New York City investor who owned the building for about 28 years. Gary and Michael Juster, principals of Juster Development, represented their purchasing company.
Attorney John W. Dunne, of Lynn, Gartner, Dunne & Covello LLP in Mineola, was legal counsel for the seller. Attorney Steven C. Hirsch, of Hirsch & Gibaldi LLP in Mount Kisco, counseled the buyer.