Cushman & Wakefield has arranged the sale of 1065 & 1073 Warburton Avenue, a 0.63-acre, multi-family development site in Yonkers, New York to RMS Warburton LLC. The final closing price was $4 million.
A Cushman & Wakefield brokerage team consisting of Al Mirin, Kate Schwartz and Matthew Torrance represented the seller in the transaction.
“The sale of 1065 & 1073 Warburton Avenue demonstrates the necessity and momentum of multi-family development in Yonkers,” said Kate Schwartz of Cushman & Wakefield. “This property helps meet the demand of people who want to live in a transit-oriented community with an easy commute to Manhattan while enjoying the benefits of having spectacular views of the Hudson River waterfront.”
Al Mirin of Cushman & Wakefield added: “Yonkers has been undergoing extraordinary economic growth, benefitting from significant new private and public investment, with residential developments focused near the Hudson River waterfront and downtown. Several thousand new jobs and new developments have been started or proposed in the past 10 years, with more on the horizon.”
The property is situated in the Greystone neighborhood of northwest Yonkers. Located on the west side of Warburton Avenue, the site is adjacent to the Greystone Train Station, which offers a direct line to Grand Central Station. The site’s elevated location on Warburton Avenue allows for unobstructed views of the Hudson River and cliffs of New Jersey’s Palisades Park. With easy access to all other boroughs and the surrounding suburbs, 1065 & 1073 Warburton Avenue sits near five major highways and is within close proximity to the Tappan Zee and George Washington Bridges.
The property has been permitted for the intended construction of a nine-story, 79-unit rental apartment building to be built above an enclosed structured parking. The acquisition of 1065 Warburton Avenue added approximately 0.18 acres to the overall establishment and the combined site is currently estimated to accommodate more than 100 units.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visitwww.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
