A Bronx real estate investment and management company has acquired another well-maintained mixed-use property in Westchester County with roots in the county’s industrial past on the Hudson River.
Photo by Aleesia Forni
An affiliate of Bajraktari Management Corp., 530 West 136th Realty Associates LLC in early February closed on its $15 million purchase of The Atrium at Rae Park at 8 John Walsh Blvd. in Peekskill. The 121,000-square-foot complex includes professional office, retail, warehouse and light industrial space in the converted Fleishmann Co. distillery.
The Peekskill distillery was built in 1901 for Fleishmann’s yeast manufacturing and dry gin production, which was interrupted by Prohibition and resumed in 1933 at the red-brick plant on the city’s Charles Point.
The seller in the recent deal, RAE Park Associates Inc., is an affiliate of Esposito Builders Inc., a commercial and residential development and management company in the Lower Hudson Valley headquartered at 8 John Walsh Blvd. Richard A. Esposito, president of RAE Park Associates and CEO of Esposito Builders, in 1988 paid $225,000 to acquire the historic industrial property from the Peekskill Industrial Development Agency, according to Westchester County land records.
A leading apartment building owner and manager in the Bronx – where the company was launched in 1978 by two Albanian immigrants – Bajraktari Realty also owns and operates multifamily properties in Manhattan and Yonkers and has developed subdivision homes in Somers.
A Bajraktari affiliate in 2014 paid $18.1 million for a mixed-use commercial building in Dobbs Ferry that opened in 1927 as a Methodist Church publishing center, according to village historians, on the site footprint of a brewery that operated there under a succession of owners from 1853 to 1917. The approximately 160,000-square-foot building at 145 Palisade St. later operated as Columbia University’s Hudson Laboratories, a naval research center that closed in 1969.
Another Bajraktari realty company affiliate last July closed on its $9.25 million purchase of 10 County Center Road, a 208,000-square-foot building next to the Westchester County Center in White Plains. The building, which straddles the border of the town of Greenburgh and city of White Plains, had a 55 percent occupancy rate at the time of the sale.
Harry Bajraktari, co-founder and president of the Bronx realty company, could not be reached for comment on the Peekskill property deal.