Westchester NY – Acquisition & Sale of Apt Bldg & Parking lot
About This Project
This is a deal that I’m very proud of. I was introduced to an investor from Long Island New York by a mutual contact, who’s an active architect. The investor is a retired doctor who over the years has bought and sold real estate in Queens, NY. We met several times over the course of a year to tour various properties in Queens and the Bronx. We took our time to find the right deal and as time went by, we became friends. Although it wasn’t in the intended area we took a ride to Westchester County. I found this deal in Bronxville NY. The subject property is a seven-story 36 unit elevator apartment building and a parking lot down the street. It is located within close proximity to the Bronx River Parkway and the Cross-country Parkway make it very accessible. But aside from the quality of the building and close proximity to various highways, this deal was very compelling due to a short walk to the Metro North Train Station. This offers residents an easy commute into Manhattan where many are employed.
The seller was a long-time owner who just wanted to move on. Although my buyer originally wanted to invest in Queens, we saw the upside in rents and the redevelopment potential of the parking lot, so we pursued it.
Post-closing, I was asked to stay involved and assist with various management duties including, the renovation and leasing of the units as they become available. This was a direct result of my personal attention and sincere desire to improve the properties performance and provide the tenants with a clean safe building to call home.
After successfully converting a medical space into two units and the natural course of the units turning over, we increased the rent roll, made several capital improvements, ownership decided it was time to sell. I was then hired to bring the properties to market and select a qualified buyer. After conducting an aggressive marketing campaign, I found an all-cash buyer with no contract contingencies to pay a premium.