Palladium plans loft apartments in Mamaroneck

The new owner of a commercial property in downtown Mamaroneck plans to convert it into a mixed-use apartment building.

Palladium Management LLC in Manhattan announced on Monday that it has closed on its $1.35 million acquisition of 151 Mamaroneck Ave. in an off-market all-cash transaction. The 14,000-square-foot retail and showroom property has Chatsworth Auction Rooms and Furniture Studios as its longtime tenant.

David Roth, principal of Palladium Management, said his company plans a core and shell renovation to convert the property into 12 loft-style apartments and 3,000 square feet of retail space on Mamaroneck Avenue. Papp Architects in White Plains has been retained to design the building, he said. Palladium also acquired two smaller adjacent properties at 133 and 139 E. Prospect Ave. in the deal.

The purchase “is consistent with our strategy across Westchester County ”“ to acquire and re-imagine properties in irreplaceable locations,” Roth said in the announcement.

Roth said Chatsworth Auction Rooms, a 90-year-old family-owned business, will remain in the building until the start of construction. Chatsworth”™s five-level showroom has been a fixture in the building since 1938.

“The tenancy for the retail portion of the building upon completion is undetermined at this point in time,” Roth said.