Luxury condo project opens for sale
Condominium sales will open this month at The Horizon at Fleetwood, a 70-unit, eight-story building in Mount Vernon bought at a bankruptcy auction in 2010 by its developer.
Petro Real Estate Development Corp., based in Mamaroneck, and Manhattan-based Glenmark Partners L.L.C. paid approximately $6.18 million for the 90,000-square-foot building at 550 Locust St. Construction resumed last fall after being halted in 2008.
Formerly called The Vista at Fleetwood, the luxury condo project was about 70 percent complete when its former Bronx developer, Judelson Development Group L.L.C., defaulted on a $15.5-million construction loan and declared bankruptcy. Partners in The Horizon expected to spend $5 million to $8 million to complete the project.
Petro officials said the sales office will open ahead of schedule because of high interest from prospective buyers. The developer received more than 140 calls since a sign was posted in late February announcing the project.
Houlihan Lawrence Project Marketing is the exclusive marketing and sales agent for the property. Bob Hooley will be building sales director.
The building”™s grand opening is scheduled for April 14.
The condo project”™s website is www.thehorizonfleetwood.com.
Food and beverage company moves to Harrison
JMC Holdings Ltd., a growing private food and beverage company, will move its headquarters from Tuckahoe to 500 Mamaroneck Ave. in Harrison.
Jeffrey H. Newman, executive vice president of Malkin Properties, owner of the five-story, 285,000-square-foot building, said JMC Holdings will occupy already built-out space on the building”™s second floor. The company leased 1,100 square feet.
Founded by John M. Cilmi in 1994, the new Harrison tenant has approximately 200 employees and generates $12 million in annual revenue. Largely through acquisitions of bars and restaurants in the mid-Atlantic region, JMC has achieved a compound annual growth rate of more than 25 percent over the last 15 years. The company was recognized as the 44th fastest-growing private food and beverage company in the U.S. by Inc. magazine.
Newman and Kimberly Zaccagnino, senior leasing associate at Malkin Properties, represented the landlord in the deal. Michael McCall, managing director of Newmark Knight Frank, represented the tenant.
Three new tenants on Central Avenue
NAI Friedland Realty Inc. in Yonkers recently completed three deals for retail tenants leasing space on the Central Avenue commercial corridor. The deals, totaling more than 15,000 square feet, were brokered by Rick Stassa, Friedland Realty executive vice president.
The Carpet Gallery will occupy a 4,000-square-foot space formerly leased by Blockbuster at 1103 Central Ave. in the town of Greenburgh.
Dubai Furniture will open its ninth location and second Westchester County showroom at 2249 Central Ave. in Yonkers.
Rainbow USA, a women”™s clothing retailer, will open its second store at 2500 Central Ave. in the Yonkers Gateway Center.
Stassa has been appointed exclusive agent for the former Charlie Brown”™s Steakhouse at 1820 Central Ave. in Yonkers. The restaurant property is a 6,000-square-foot, free-standing building with an 1,800-square-foot basement.
Stassa said both local and national tenants have shown interest in the building “because it”™s in such a great location. It”™s only a matter of time before the space is occupied; we get a large number of calls about it every day.”
The steakhouse closed in late 2010.
”“ John Golden
