A Great Neck real estate investment group has bought a 76,000-square-foot medical office building in Rye Brook at a substantially reduced price from its market value when last sold seven years ago.
Benedict Realty Group L.L.C. paid approximately $10 million for the 90 S. Ridge St. property, said a spokesman for CBRE Group Inc. CBRE”™s New York Institutional Group brokered the sale for owner VIF II/South Ridge Street L.L.C., a joint venture of Abbey Road Advisors L.L.C. in Fairfield, Conn., and Boston-based AEW Capital Management L.P.
The medical building sold for $14.9 million in 2007, according to Westchester County land records, when the joint venture acquired it from an entity of Silverman Realty Group in White Plains.
The CBRE team of Jeffrey Dunne, Steven Bardsley and Erik Edeen also procured the Long Island buyer in the recent deal. Benedict Realty Group was represented by Robert Watman of RDW Advisors in Lynbrook.
With the expected departure of a long-term office tenant, the Rye Brook building is 47 percent leased and could be fully converted into medical uses “within a market that has very low availability for medical space,” CBRE”™s Dunne said in a press release.
