Home Latest News Chester Heights commercial building sells for $2.9 million

Chester Heights commercial building sells for $2.9 million

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A two-story retail and office property at 495 New Rochelle Road in the town of Eastchester recently sold for $2,975,000 to a Bronxville-based investor whose ownership company is 495 AKH LLC.

The seller was the estate of Westchester businessman Dominick DeGaetano, the former owner of Deed Real Estate Agency in Bronxville, and co-executor JP Morgan Chase. The sale price amounts to approximately $301 per square foot of commercial space.

The all-cash deal was reported by Admiral Real Estate Services Corp. in Bronxville. John Barrett, Admiral’s head of investment sales, brokered the sale for the seller and identified the buyer.

On a corner in the Chester Heights retail district, the 9,874-square-foot building houses six ground-floor retail tenants and six second-floor office tenants and includes a 10-unit indoor garage, Barrett said. He said the new owner, who acquired the property at a 6 percent capitalization rate on in-place income, plans to substantially invest in the building, where rents were below market rate due its condition from a lack of maintenance by a third-party asset manager.

Barrett said the property, which has a Bronxville address, drew 20 “highly qualified” offers from prospective buyers in only 10 days of marketing. “We continue to see buyers execute quickly without contingencies to lock in transactions as sellers take advantage of the high level of liquidity in the market,” the broker said.

The seller was represented by attorney Anne Aicher of Shamberg Marwell Hollis Andreycak & Laidlaw PC in Mount Kisco. The buyer was represented by attorney James Veneruso of Veneruso, Curto, Schwartz & Curto LLP in Yonkers.

 

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