The 77-unit townhome development in Yorktown Heights known as York Farm Estates has been sold for $15,750,000. The real estate brokerage firm Marcus & Millichap handled the property on behalf of the seller HVF Realty and also procured the buyer, Westchester Management LLC.
Marcus & Millichap’s Matthew Gaul, who along with colleagues Seth Glasser, Michael Turkiewicz and Michael Fusco marketed the property, said, “The sale of York Farm Estates highlights the sustained investor demand for well-located, free-market, value-add multifamily opportunities in desirable suburban markets. The property had not traded hands in nearly four decades, making it a rare and highly sought-after offering. With substantial upside through unit renovations, the asset presented a compelling investment thesis aligned with today’s market trends.”
York Farm Estates is at 1870 Baldwin Road on a parcel of about 8.16 acres. The townhomes are a mix of one-bedroom, two-bedroom and three-bedroom units. The average unit size is 847 square feet. The townhomes have been offered as rentals and none was recently listed as being available.
“The scarcity of similar opportunities drove a competitive bidding process with multiple qualified offers, highlighting strong demand for suburban multifamily investments that offer long-term growth and stability,” Gault said.
