The long-time site of an Ann Taylor store in Larchmont”™s village shopping district recently sold for $2.1 million in an all-cash deal, Admiral Real Estate Services Corp. reported.
John Barrett, head of investment sales at Admiral in Bronxville, represented Palmer North Development LLC in the sale of 1919 Palmer Ave., an 8,750-square-foot, single-story property with 55 feet of retail frontage on Larchmont”™s main shopping street between Chatsworth and Larchmont avenues.
Occupied for 22 years by Ann Taylor, the women”™s apparel chain, the building was newly vacant after the expiration of the retail tenant”™s lease when the deal closed, Barrett said.
The buyer is an affiliate of Lordae Property Management in West Harrison.
Barrett said the sale was negotiated while Ann Taylor was still a tenant and occurred at a cap rate of 7.25 percent on in-place income of roughly $250 per square foot. The property can be subdivided to accommodate two tenants, he said.
Barrett said more than 20 prospective buyers inspected the property near the Larchmont Metro-North station and there were “multiple highly qualified offers. We continue to see buyers execute quickly without contingencies to lock in transactions as sellers take advantage of the high level of liquidity in the market.”
