Deals & Deeds
Bank Street Commons, a 502-unit apartment towers complex and emblem of the mixed-use redevelopment of downtown White Plains in the last decade, was privately sold to a Chicago-based institutional adviser for about $151 million.
The seller, Bank Street Commons L.L.C., is an entity controlled by a New York-based institution, according to brokers at CB Richard Ellis”™ New York Institutional Group. The property”™s developer and last publicly recorded owner, LCOR Inc., has an operations office in New York City and headquarters in Berwyn, Pa.
CBRE Vice Chairman Jeffrey Dunne, who heads the institutional group, and associate broker Christopher Leonard represented LCOR. The CBRE team also procured the buyer in the deal, who paid in excess of $300,000 per unit. LCOR developed the property, which includes 21-story and 22-story residential towers, a 500-space parking garage and convenience retail businesses, at a cost of about $140 million.
LCOR”™s plans to build a $250 million apartment and retail development at nearby 55 Bank St. have been stalled for more than two years by the economic downturn and lack of project financing. The developer”™s former partner in the proposed project, Lehman Bros., collapsed and filed for bankruptcy in September 2008.
Dunne in a statement called the Bank Street Commons property, adjacent to the downtown Metro-North Railroad station, “a textbook example of the transit-oriented apartment developments institutional buyers are focused on today.”
Magnetic Analysis Corp. this month sold its 26,000-square-foot building at 535 S. 4th Ave. in Mount Vernon after completing its relocation to 103 Fairview Park Drive in Elmsford, where it signed a long-term lease for 47,000 square feet of office and industrial space.
Terranova Bakery, a Bronx-based bread wholesaler and retailer serving New York and Connecticut, paid $1.8 million for the Mount Vernon property, said Carl Austin of Austin Corporate Properties Inc. The Rye Brook brokerage represented Magnetic Analysis in both the sale and lease deals.
CB Richard Ellis Inc. represented the manufacturer”™s Elmsford landlord, Lighthouse Real Estate Management. Colliers International represented Terranova Bakery.
North American Family Institute, a private human services corporation, has moved its Westchester County office from 48 Burling Lane in New Rochelle to 5,000 square feet of space at 2269 Saw Mill River Road in Elmsford.
Broker Alexander Anderson, a senior associate with RHYS Commercial, represented the landlord, Elmsford Executive Park L.L.C., in the deal.
Brokers at NIA Friedland Realty Corp. in Yonkers completed three November deals in Westchester County:
A&S Marketplace leased 3,200 square feet of retail space at 681 Main St. in Mount Kisco. Friedland”™s Joan Simon represented both the tenant and landlord, Wilder Baher Partners, in the transaction.
Big Mack Storage Corp. leased 18,000 square feet of industrial space at 140 Saw Mill River Road in Yonkers. Peter Cokin, senior executive vice president in Friedland”™s industrial division, represented the landlord, 200 SMRR L.L.C. Lawrence Talt Realty Inc. in Yonkers represented the tenant.
White Plains Commissary Corp. signed a lease for 5,600 square feet of industrial space at 2 Intervale Ave. in White Plains. Andy Grossman, industrial/flex specialist, brokered the deal between the tenant and landlord Stephen Surace. Grossman represented both parties in the transaction.