A single-story retail building at 465-479 S. Broadway in downtown Yonkers has sold for $4.7 million, according to Houlihan Lawrence Commercial, a division of the brokerage Houlihan Lawrence, which is headquartered in Rye Brook.
The building dates from 1922. It encompasses 18,000-square-feet and has nine storefronts. One of the larger tenants is the apparel and sneaker store Snipes. Boost Mobile, which offers cellphones and phone service also is in the building. Among the other tenants are: Yonkers Paint & Hardware; NUBES Cafe, which is a Dominican fusion restaurant; Williams Farm Market; and Dollar Wonder.
The seller was M-K South Broadway Associates LLC an affiliate of Kenart Realties Inc. The building was bought by the entity AGW Partners, a regional investor.
Houlihan Lawrence said that the seller was exclusively represented by Garry Klein, a Houlihan Lawrence regional manager. The purchaser was represented by Jared Stone of Klein Stone Commercial at Houlihan Lawrence.
“The purchaser saw tremendous upside and future rent growth both due to upcoming lease renewals and in their plans to upgrade the building and the tenancy, enabling us to achieve the seller’s pricing expectations,” Klein said.
Stone said that the purchase was a “real strategic fit” for AGW Partners.
