Family partners in Marolda Properties in Manhattan recently paid $13.75 million to acquire the 34,000-square-foot Archway Shopping Center in Greenburgh in a tax-deferred like-kind exchange of properties.
The new owner, a large landlord and manager of apartment buildings in New York City and Westchester, has been the focus of an investigation by the state Tenant Protection Unit following allegations the company harassed tenants and tried to force Asian-Americans out of their rent-regulated apartments in lower Manhattan. The state investigation was announced one year ago by Gov. Andrew Cuomo.
Pine Top Associates, the ground lease holder that developed the Archway center in 1972 , will continue as master tenant there, according to brokers at Regency Commercial Realty, a division of Regency Homes Real Estate Group Inc. in Scarsdale.
Rajeev Chennattu, principal broker at Regency, and associate Teena Arun represented the Fuller family, seller of the property for a family trust, in the deal.
