New York & Tri-State + Fairfield/Westchester + Office | May 3, 2021

Montefiore-Leased Office Properties Trade in Yonkers

CBRE closed the $37-million sale of two office properties, 3 Executive Blvd. and 3 Odell Plaza, in Yonkers, NY. The CBRE team of Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie represented the seller, an entity managed by Robert Martin Company, and procured the buyer, a joint venture between Benedict Realty Group and Harbor Group International.
 
Totaling 130,607 square feet within the South Westchester Executive Park in Yonkers, both assets are leased on a long-term basis to a single tenant, Montefiore Medical Center. The two buildings contain operational support and IT functions for Montefiore Health System and are strategically located with easy access to its network of hospitals.

  “We are pleased to have represented Robert Martin Company in this transaction,” said Dunne. “With long-term leases in place, 3 Executive and 3 Odell will provide the buyer with stable income for years to come.”

Connect

Inside The Story

Connect With CBRE’s Dunne

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

Order Reprints