Urstadt Biddle Properties Inc., a Greenwich-based real estate investment trust, has acquired the 27,000-square-foot Tanglewood Shopping Center on Central Park Avenue in Yonkers. The financial details of the sale were not made public.
Built in 1954, Tanglewood consists of two retail buildings: a 22,300-square-foot property anchored by AutoZone and an adjacent 4,700-square-foot property whose tenants include CKO Kickboxing, a nail salon and a market. The property is 100 percent leased.
“We are thrilled to have acquired Tanglewood, the culmination of a relationship with the owners that began over 15 years ago,” said William Biddle, president of Urstadt Biddle Properties. “Tanglewood is one of the first shopping centers in lower New York, developed by Len Farber, a shopping center pioneer and a founding member of the ICSC trade organization. We are proud to be the recipient of its first and only trade.”
Urstadt Biddle Properties also owns two other shopping plazas on Central Park Avenue – the Midway Shopping Center and the McLean Plaza Shopping Center – plus two additional plazas within two miles of Tanglewood.
Tanglewood was the one-time operating site of the Tanglewood Boys, a recruitment gang working with the Lucchese crime family in the 1990s.