The long time owner of a Bronxville building leased by the village”™s only supermarket has sold the property for $8.5 million.
HLC Equity, a national real estate investment holding group and property manager based in Pittsburgh, sold the approximately 27,000-square-foot A&P building at 12-14 Cedar St. to an entity of Gerard Alexander Realty Holdings LLC in New York City, Westchester County land records indicate. The property had been owned by HLC Equity, formerly known as H. Lipsitz Cos., since 1978.
“While we continue to seek out prime located retail assets, we are also in the process of targeting opportunities in the multifamily and office sectors,” Daniel N. Farber, HLC Equity executive vice president, said in the company”™s sale announcement. “As part of this strategy, we are selling some of our older retail assets that have drawn tremendous interest from the market due to their consistent performance.”
HLC Equity in October announced its first purchase in the Brooklyn multifamily market and the sale of a 192,000-square-foot Walmart Supercenter in Anderson, S.C.
Lawrence “Chip” Porter and George Valliades of Newmark Grubb Knight Frank Capital Markets represented HLC Equity in the Bronxville transaction.
Partners buy debt on South Salem manor
The future of a family-owned restaurant and banquet facility on a historic property in South Salem is uncertain following the purchase of a defaulted loan on the 25-acre property by joint venture partners.
David Roth, principal at Palladium Management LLC in Manhattan, said the partners acquired a $4.4 million loan collateralized by a Route 35 property that is home to Le Chateau restaurant. The restaurant is operated by the property owner, Monique Jaffre Lozach, the second generation of the Lozach family to run the restaurant in its 41-year history. Le Chateau occupies a 12,000-square-foot Tudor-style manor commissioned by J.P. Morgan in 1907 and named Savin Rock.
Palladium”™s partners in the deal are The Green Rock Group LLC, a New Jersey-based commercial real estate investment and development company, and Embrace Hospitality, a boutique investment and consulting firm in New York.
“We have no immediate plans for the property,” said Roth.
Mount Vernon office building sold
The new owner of a 25,150-square-foot office building in downtown Mount Vernon plans to renovate and reposition the property for medical and professional office tenants, according to brokers in the recent deal.
Bluestar Properties Inc., a New York City real estate investment and management company, paid $1.5 million for the property at 100 Stevens Ave. The seven-story building includes 13 office units and four ground-level retail units, said brokers at Ariel Property Advisors in their sale announcement.
Jason M. Gold, associate vice president of Ariel Property Advisors, said the new owner plans extensive renovations to the property, a short distance from Montefiore Mount Vernon Hospital. “As a prime corner building in a central location, such a repositioning should greatly enhance the neighboring properties,” he said.
Gold and Ariel Property agents Scot Hirschfield and Victor Sozio represented the seller, an undisclosed private investor, and procured the buyer.
