Houlihan Lawrence Commercial, a division of Houlihan Lawrence, the leading real estate firm serving New York City’s northern suburbs, has announced the sale of 465-479 South Broadway, Yonkers, NY for $4.7 million.
The seller was exclusively represented by Garry Klein, Regional Manager and the purchaser, a regional investor, was represented by Jared Stone, Associate Broker; of Klein Stone Commercial at Houlihan Lawrence.
The single-story retail property consists of nine storefronts, totaling over 18,000 square feet, and sold for over $260 per square foot. The anchor tenant Snipes is bolstered by a roster of long-term tenants including Yonkers Paint & Hardware and other neighborhood retailers. The property is strategically located in the Central Subdistrict of the South Broadway District, which is undergoing a revitalization and has long-term future development potential.
“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,” stated Klein. “Dealing with a professional investment group that owned other retail assets in the area made this a real strategic fit for the purchaser,” added Stone.
Houlihan Lawrence Commercial, a full-service division, specializes in Investment Opportunities, Office, Multifamily, Industrial and Retail Sales and Leasing, Land Acquisition, Development, and Municipal Approval Consultation. With local expertise in the markets north of New York City, the Commercial Group has a database of buyers and sellers throughout the country to effectively market commercial properties and opportunities on a national level. For more information, please contact Mike Rackenberg, mrackenberg@houlihanlawrence.com or 973-609-2105. https://www.houlihanlawrence.com/bio/commercial-team
