Home Latest News Scarsdale investor pays $2.225M for White Plains restaurant property

Scarsdale investor pays $2.225M for White Plains restaurant property

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Scarsdale investor Zef Perlleshi has closed his second real estate deal in downtown White Plains this summer with the $2,225,000 purchase of a foreclosed vacant restaurant building at 189 E. Post Road.

Related:   KABR Group sells 75 S. Broadway White Plains office building for $13.7 million

The 10,000-square-foot property, at the corner of East Post Road and Waller Avenue, was

189 east post road white plains
189 E. Post Road in White Plains.

sold in an all-cash transaction by an affiliate of Lane Capital Partners, a Manhattan firm that invests in distressed commercial real estate debt and was deeded the property last year in a foreclosure proceeding against the previous owners, restaurateur Parviz Shakiban and 189 East Post Road Corp.

The building has a 6,000-square-foot dining room and kitchen on the ground floor, with an additional 4,000-square-foot lower level of private banquet space and storage, according to brokers in the deal. It is just off Restaurant Row on downtown Mamaroneck Avenue and about two blocks from Perlleshi’s other recent purchase, a 90,000-square-foot office building at 75 S. Broadway.

John Barrett, head of investment sales at Admiral Real Estate Services in Bronxville, and Haryn Intner, retail leasing and sales agent at Admiral, represented the seller and identified the buyer.

“The property’s superior location will provide significant income to the new owner,” Barrett said, “as we had multiple restaurateurs looking to lease the space from the seller while we marketed the property.” The broker said the location “could also prove to be part of an assemblage for future large-scale development. The immediate area has seen four new multifamily development projects, with an additional project proposed.”

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As managing editor of the Business Journals, John Golden directs news coverage of Westchester and Fairfield counties and the Hudson Valley region. 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.

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