Mohegan Lake shopping district property sells for $1.7M

By John Golden

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Mohegan Village Square, a two-story retail and office building at 1950 E. Main St. in the village of Mohegan Lake, recently sold for $1.7 million in an all-cash deal, Admiral Real Estate Services Corp. reported.

John Barrett, head of investment sales at Admiral in Bronxville, represented the seller, EK Trust, which developed the 13,500-square-foot property on state Route 6 in the heart of the village’s shopping district about 30 years ago. Barrett also identified the buyer, D.B. Realty of Westchester LLC, a Yonkers-based investor in multifamily properties that was looking to diversify assets.

Barrett said Mohegan Village Square has six ground-floor retail tenants and six second-floor office tenants, with three office units vacant.

“We had over 15 property inspections and received multiple highly qualified noncontingent all- cash offers,” Barrett said in the announcement. He said the sale occurred at a capitalization rate of 6.3 percent on in-place income, or about $126 per square foot.


About the author

John Golden
The Business Journal’s senior writer, John Golden directs news coverage of the county and Hudson Valley region as Westchester bureau chief. He was an award-winning upstate columnist and feature writer before joining the Business Journal in 2007. He is the author of “Northern Drift: Sketches on the New York Frontier,” a collection of his regional journalism.