An undisclosed private investor in Westchester paid $1.8 million for a 16,400-square-foot mixed-use property at 890-908 S. Lake Boulevard in Mahopac, Northeast Private Client Group recently reported.
The property includes two adjacent buildings with street retail space and second-floor office space and apartments with off-street parking. Two separate lakefront parcels being used for boat slips also were included in the sale.
Anthony Watkins, a senior associate in Northeast Private Client Group”™s White Plains office, represented the seller, South Lake Blvd Realty, Inc., a private Manhattan-based investor, and procured the buyer. The deal closed in February.
Watkins in a press release said the investment sales brokerage “created a tremendous amount of competition for the asset among Bronx and lower Westchester investors. Our ability to import capital from outside Putnam County contributed to the success of this assignment.”
The purchase price equates to approximately $109 per square foot and a 9 percent capitalization rate, according to the broker.
