A two-story commercial building at 149-157 E. Main St. in downtown Mount Kisco has been sold for $4,425,000, according to Admiral Real Estate Services Corp.
Known as 153 Main St., the building has approximately 9,755 square feet of streetfront retail space anchored by Exit 4 Food Hall, an upscale restaurant where diners have a choice of food stations. Other retail tenants include Reflexology Day Spa and The NY Dolls clothing boutique, with health professionals leasing second-floor office space.
The buyer, 153 Main St MK Holdings LLC, paid roughly $261 per square foot of space with a capitalization rate of 8.5 percent on in-place income. The seller, 330 Realty Associates, owned the property for 30 years, according to Admiral Real Estate. The building had one retail vacancy at the time of the sale.
John Barrett, head of investment sales at Admiral Real Estate, exclusively brokered the deal for the seller and identified the buyer. Barrett noted the property is directly across East Main Street from the long-vacant site of the village’s former Borders Books & Music store, where developers plan to open a Modell’s Sporting Goods store later this summer, “which will be a catalyst for more retail shoppers on the block.”
“Professionally managed retail assets with stable cash flow continue to attract substantial interest from existing retail operators, as well as buyers who are looking to diversify by asset class,” Barrett added. For the downtown Mount Kisco transaction, “We had over 25 property inspections and, due to the high level of liquidity in the market, received multiple offers without contingencies.”