A 6-story building with 56 apartments near White Plains Hospital has sold for $9.5 million.
The new owners of the 40,000-square-foot building at 177 Grand St. said it represents an attractive investment in an area of White Plains that is a hub for the hospital and county government. The new owners operate under the name 177 Grand Partners LLC, a company affiliated with Edmond DeLaurentis Jr. of DeLaurentis Management Corp. and James K. Coleman of Houlihan-Parnes Realtors LLC.
The company bought the property from an investor that listed an address in South Salem. Specifics of the seller’s original acquisition were unclear. The deed for the property was filed with Westchester County on Jan. 9.
Reached Wednesday, DeLaurentis told the Business Journal that the property was particularly attractive for its proximity to White Plains Hospital, which he noted is planning to build a 216,000-square-foot health care center at the corner of Maple and Longview. The building is also near the city, county and federal courthouses, as well as Westchester County’s offices.
“It’s a very vibrant spot,” DeLaurentis said. “We feel there is going to be a steady surge of demand and improvements in the entire neighborhood.”
The building was built in the 1930s and features nine separate retail storefronts at street level. While the apartments are fully leased, DeLaurentis said his company plans to invest an undisclosed amount in renovations.
“It’s a very good looking building and we intend to really clean it up and give the look that it had when it was built,” DeLaurentis said.
DeLaurentis and Coleman also teamed up last summer to buy the 40,000-square-foot One Gateway Plaza office building in Port Chester for $4.5 million.