Irvington’s historic Astor Buck office complex is sold

The historic Irvington office complex known as Astor Buck has been acquired.

Built in 1895 as the corporate headquarters for Cosmopolitan, the 130,000-square-foot property at 50 South Buckhout St. is 88% leased. Tenfold Real Estate Partners Inc advised the buyer, Carvi Properties Inc., on all aspects of the acquisition and will stay on to asset manage the property; Stanford Bridge LLC was the seller. The transaction price was not disclosed.

“Office generally is a difficult asset class today, but Astor Buck is truly differentiated from most Westchester office product with its neoclassic design, high ceilings, campus like setting and proximity to train” said Jeffrey Lacilla, a principal at Tenfold. “The average return-to-office rate for all office space users in the 10 major metros is about 50% so to best that average you need an above average product and Astor Buck has it in spades. “We are excited to partner with Tenfold in the repositioning of this property by focusing on its locational and physical attributes to overcome post-Covid structural market shifts in office leasing.”