An affiliate of A.C. Development Corp. in New Rochelle paid $3,225,000 for 200 E. Main St., a two-story, 15,000-square-foot retail building in downtown Mount Kisco, according to brokers at Admiral Real Estate Services Corp. in Bronxville.
John Barrett, head of investment sales at Admiral, and Joan Simon, Admiral”™s senior director of leasing and sales, represented the undisclosed seller, described as a longtime investor in both New York City and Westchester. Deed documents filed with Westchester County list David Gold as managing member of the selling parties.
The buyer of 200 E. Main acquired it in a 1031 exchange, Admiral brokers said.
Simon spent three years leasing up the property to prepare it for sale. In a press release, she said the mid-block building “has a huge upside due to its very strong location and the pending lease up of a large nearby retail store that formerly housed national book retailer Borders.”
Bankrupt Borders Books and Music in 2011 vacated its 21,500-square-foot space at 162 E. Main St. in Mount Kisco. The property reverted to a lender in 2014 after the building”™s Connecticut owner defaulted on a $6.3 million mortgage.
Barrett said there was “substantial interest” in and multiple offers on the retail property. The sale and other recent deals show that buyers “are leery of ultra-low cap rates” on multifamily properties outside the New York City boroughs and are “diversifying their real estate holdings by asset class and location,” he said.
